b>Miners’ tax bills halved in 2010 financial year

Miners recorded the biggest drop in income of any industry in 2009-10, by $50 billion to $140 billion, and their tax bills were sliced nearly in half in the same period, the Australian Financial Review reports.

The latest Australian Taxation Office statistics revealed the extent of the fall at the same time as the industry fights the introduction of the $10.6 billion minerals resource rent tax.

Recent advertisements run by the Minerals Council of Australia claim the industry pays on average 41.5% in total tax including royalties.

Doing business here a challenge: Rio Tinto

Rio Tinto chief Tom Albanese is highlighting the growing cost and regulatory challenges of operating in Australia as he fronts investors and analysts this week, The Australian reports.

In meetings with investors and analysts in Melbourne yesterday, which will be repeated in Sydney today and tomorrow, it is understood the mining boss expanded on previous comments that the carbon tax, labour and materials inflation, and growing challenges in getting projects approved were making it harder to conduct business in Australia.

Green light for Gloucester deal

Gloucester Coal has finally released an independent expert's report stating its $2 billion takeover by China's Yancoal is in the best interests of shareholders, paving the way for a vote on the tie-up early next month.

Independent expert Deloitte found that in the absence of a better offer, Yancoal's scrip, cash and contingent value rights offer was both fair and reasonable.

Gloucester shareholders will vote on the merger on June 4.

The independent expert's report clinches the recommendation the independent Gloucester directors (those not associated with major shareholder Noble Group) gave in March that shareholders should approve the deal.