World Business

Australia, miners to announce tax deal Friday

(Agencies)
Updated: 2010-07-01 14:57
Large Medium Small

The Australian government and miners will announce a resources "super profits" tax deal on Friday, after reaching a compromise on the controversial tax on Thursday, The Australian newspaper said.

Related readings:
Australia, miners to announce tax deal Friday Australia cabinet pitches new deal to miners
Australia, miners to announce tax deal Friday Australia mining tax move cheers investors 
Australia, miners to announce tax deal Friday Julia Gillard sworn in as Australia's 27th PM
Australia, miners to announce tax deal Friday Australia rebuts mining tax 'myths'

"Miners and the government will announce tomorrow that they have struck a deal to end the bitter standoff over the mining tax. The government and the mining companies are now working out their separate responses to the settlement reached today," said The Australian on its website.

The proposed mining tax threatens more than $20 billion in investment, according to mining companies, but no major project has yet been scrapped and several have actually been advanced since the tax was unveiled on May 2.