Australia and Mining Co.’s Agree to New Resource Profits Tax

Australia’s Prime Minister Julia Gillard announced a “breakthrough” agreement on Friday with key mining companies on the terms of a contentious new resource profits tax, ending a bitter stalemate that has deeply unsettled the governing Labor Party in the run up to elections later this year. The compromise deal, which was welcomed by the mining industry, sets a 30% tax on iron ore and coal, Australia’s two largest exports, and a 40% tax on oil and natural gas projects – NYT