Australia seen as top sovereign risk: Rio
By James Regan |
May 25, 2010, Tuesday
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Print Edition
Print Edition
GLOBAL miner Rio Tinto described Australia as its top sovereign risk yesterday and said it was reviewing all investments there as it raised pressure on Canberra to overhaul its planned new mining tax.
The comments from Rio, the country's biggest iron ore producer, helped drive the Australian dollar down against the greenback and the yen by more than 1 percent, on rising concerns that miners could deliver on their threats to pull investments.
"This is my number one sovereign risk issue on a global basis," Chief Executive Tom Albanese told reporters.
He noted that the resources tax, to be introduced in 2012, had set up the prospect of a long period of uncertainty which was corrosive to new investment.
The comments from Rio, the country's biggest iron ore producer, helped drive the Australian dollar down against the greenback and the yen by more than 1 percent, on rising concerns that miners could deliver on their threats to pull investments.
"This is my number one sovereign risk issue on a global basis," Chief Executive Tom Albanese told reporters.
He noted that the resources tax, to be introduced in 2012, had set up the prospect of a long period of uncertainty which was corrosive to new investment.
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