Queensland's New Coal Tax System to Strike the Industry says Kloppers

Queensland’s new coal mining tax system will cost the sector about A$600 million a year as well as influence over investment strategies, said BHP Billiton Ltd.’s CEO Marius Kloppers yesterday. Kloppers noted that investment rate will be higher if the tax system is more stable. Some commodity analysts said prices may have hit peak due to speculators’ promotion, but Kloppers believes the fundamental basis continues good after commodity booming, and speculators’ power over lifting prices is limited. He also said iron ore supplies are still tight and a version has been much more preferred and acknowledged, that is, Australian iron ore mining companies should obtain the mineral’s premium from Asian steel producers, as they are more close to to the markets. COPYRIGHT All rights reserved. The copying, republication or redistribution of WAM News Content, including by framing or similar means, is expressly prohibited without the prior written consent of WAM.