Rinehart attacks mining tax

Gina Rinehart’s Hancock Prospecting says the mining tax is “backward thinking” and based on boom time prices, and will damage Australia’s competitiveness while limiting new investment, according to the Australian Financial Review.

Treasurer Wayne Swan revealed on Friday that the government had received just $126 million in MRRT payments in the first half. Industry sources said BHP Billiton was one of a few companies that paid the tax.

The slim take means the government is unlikely to meet its forecast of receiving $2 billion from the tax this year. If the iron ore price remains at $US155 a tonne, it is possible companies such as Rio Tinto and its Hope Downs joint venture partner, Hancock Prospecting, may need to make payments when the next quarterly instalment is collected in April.

Coffey first-half profit tipped to double

Coffey International will disclose a $2 million restructuring charge related to job cuts in its mining operations and a debt refinancing when the engineering group reports first-half results today, according to the Australian Financial Review.

Analysts expect Coffey to report a profit of about $14.5 million for the first half, compared with $5.7 million a year earlier.

NSW miners fear 'dirt' will hurt industry

The NSW mining industry has warned that if the level of corruption alleged at the inquiry into mining licenses issued under the former Labor government had occurred in an African country, investors would abandon the region, according to The Australian.

Julian Malnic, founder of the Sydney Mining Club, has called on the state government to rectify the reputation of the industry, which he says has now been internationally damaged by allegations aired at the Independent Commission Against Corruption's investigation into mining licenses issued by former Labor resources minister Ian Macdonald.