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Jun 6, 2010

NASDAQ : Market News and Analysis.-. June 7th., 2010 E.T.

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    ABC NEWS : Australia: Swan accpets miners' concerns are legitimate ( Australia June 7th., 2010)

    Swan accepts miners' concerns are legitimate

    Updated 2 hours 53 minutes ago
    Treasurer Wayne Swan
    Legitimate concerns: Treasurer Wayne Swan (AAP: Stefan Postles, file photo)

    Federal Treasurer Wayne Swan says he concedes mining companies have some "legitimate" concerns about the proposed super profits tax.
    The Government fired the latest salvo of the propaganda war over the tax at the weekend, with the first taxpayer-funded TV advertisements going to air.
    Mr Swan has told the ABC the Government will not be intimidated by "brinkmanship" from the miners, but he did acknowledge their concerns.
    "I accept that they have concerns about the tax," he told ABC TVs Four Corners program.
    "Some of the concerns are legitimate, and that's why we said we'd work through the issues."
    He also admitted that some projects would be paying 58 per cent tax, as the Minerals Council has argued.
    "There would be some super profitable companies that could reach that level," he said.
    But he rejects the claim the tax will make mining projects unprofitable.
    "This tax is designed to be a profits-based tax, and the more profitable the company is, then the more tax it will pay," he said.
    "If projects are super profitable, they will be very, very attractive."

    Federal Treasurer Wayne Swan says he concedes mining companies have some "legitimate" concerns about the proposed super profits tax.
    The Government fired the latest salvo of the propaganda war over the tax at the weekend, with the first taxpayer-funded TV advertisements going to air.
    Mr Swan has told the ABC the Government will not be intimidated by "brinkmanship" from the miners, but he did acknowledge their concerns.
    "I accept that they have concerns about the tax," he told ABC TVs Four Corners program.
    "Some of the concerns are legitimate, and that's why we said we'd work through the issues."
    He also admitted that some projects would be paying 58 per cent tax, as the Minerals Council has argued.
    "There would be some super profitable companies that could reach that level," he said.
    But he rejects the claim the tax will make mining projects unprofitable.
    "This tax is designed to be a profits-based tax, and the more profitable the company is, then the more tax it will pay," he said.
    "If projects are super profitable, they will be very, very attractive."

    Mr Palmer says he probably phrased it too strongly.


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