It is understood that Fortescue Metals Group Ltd will seek leave to appeal to the High Court against the constitutional validity of the Minerals Resource Rent Tax (the mining tax). Fortescue Chief Executive Officer Nev Power said the company expects to launch the challenge within the next few weeks.
The company believes the tax is bad policy and is poorly designed. It says the MRRT will ensure the world’s biggest miners have an unfair advantage in the market place by reducing their overall unit cost compared to the smaller miners.
[LTN 75, 20/4]