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Australia Passes 30% Tax on Iron-Ore, Coal Mining Profits

Australia passed legislation that will reap about $11 billion in taxes within three years from BHP Billiton Ltd., Rio Tinto Group and other iron-ore and coal miners as the government seeks to turn its budget to surplus.

Prime Minister Julia Gillard’s Minerals Resource Rent Tax was passed in the upper house yesterday and will become law on July 1 after receiving backing from the ruling Labor party and the Greens, who hold the balance of power in the Senate.