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BENDIGO’S gold mining and quarry companies have been exempted from the new and reformed Minerals Resource Rent Tax after a deal was reached with the federal government. Local mining companies were rejoicing yesterday when Prime Minister Julia Gillard announced negotiations with Australia’s three major mining companies had been successful. Northgate Minerals Corporation group financial controller Robert Dufour said while there would be some lingering doubts it was time to be optimistic. “We certainly won’t complain,” he said. “A compromise has been made in the sense that the government has recognised the difference between gold mining in Victoria and bulk mining of iron ore and coal. “From a tax point of view we’ll go back to the original regime, back to the certainty.” Bendigo Mining chief financial officer Tim Churcher raised concerns that the potential was still there for the tax to “creep” into other sectors of the industry. “I’m not sure of the logic as to why coal and iron ore were included, other than because they’re the sectors at the moment that are doing particularly well,” he said. “Could it be that the government are just chasing the bigger profits, where it’s a bigger tax grab?” Mr Churcher said that on face value the exemption was a “good thing” but Bendigo Mining was being cautious about unanswered questions. “We’re just concerned that it is a tax on successful sectors of the industry,” Mr Churcher said. “We’ve got to be a bit cautious because what happens if the gold mining sector starts to do better? Will it be included then?” Mr Dufour said Northgate shared those concerns, but if the government moved to expand the tax, the principles used by the gold mining industry to argue their exemption would hold. The quarry industry has also been exempted from the tax. Construction Manufacturer Processors Association spokesman Tim Bird said he was glad it was finally over. “We shouldn’t have been included to start off with.” http://www.bendigoadvertiser.com.au/news/local/...l-done/1875354.aspx
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