The Minerals Resource Rent Tax was born from government negotiations with major miners BHP Billiton, Rio Tinto and Xstrata, who are all pleased with the changes from the previous incarnation of the tax.

But other companies might well be adopting a wait and see approach.

Even though the tax only targets iron ore and coal miners, Association of Mining and Exploration Companies president Simon Bennison has not heard much from the coal companies.

“From my point of view, it all seems to be fairly quiet from that group,” he told ILN.

“And I’ve heard from a few small companies in New South Wales that are not at all happy with the current arrangements – they feel like they have been deserted.”

Both Bennison and Opposition Leader Tony Abbott would like to know more about how the tax will work.

All the coverage so far is mainly based on brief company or government announcements, with the Treasury yet to release any detailed reports.

“The details of the current MRRT – how the $10.5 billion is calculated – have to be transparent and made available,” Bennison said.

“How has the government identified where this revenue is going to come from?

“We want to see the transparency of all that.

“We’re just hoping the government will start putting details on the table as soon as possible, but we’re not overly hopeful – especially going into an election.”

Macarthur Coal was not shy in criticising the previous super profits mining tax proposal and is keen to learn more about the MRRT.

“We look forward to the consultation period with government and will be looking to understand the concept of the market value option that has been included in the MRRT proposal,” Macarthur chief executive Nicole Hollows said.

“This will also assist us in understanding any other consequences that the proposed MRRT could have on our business.

“We need to ensure that when the tax is enacted, there are no unintended consequences and it is well understood.”