Rio confirms growth targets despite tax
By Rob Taylor and James Regan |
May 7, 2010, Friday
|
Print Edition
Print Edition
GLOBAL miner Rio Tinto is reviewing its Australian operations after Canberra proposed a hefty new tax, but denied comments by its own iron ore chief that a US$10 billion expansion is on hold.
The firm issued a statement yesterday after the executive said the expansion was on hold, which led to a front-page newspaper report headlined "Rio shelves billions in projects."
"We've got our projects on hold while we try to understand the ramifications of a 40 percent increase in taxes," iron ore Chief Sam Walsh was quoted as saying in The Australian.
Rio Tinto later distanced itself from the comments by Walsh.
"No decision has been made to shelve any projects in Australia," Rio Tinto said. "The feasibility study into the proposed 330-million-ton per annum expansion of Rio iron ore operations in Western Australia is continuing as previously advised."
But Rio also said it was so far unable to determine the potential impact of the tax on its expansion plans.
Miners are rethinking projects in the face of the tax starting in 2012.
The firm issued a statement yesterday after the executive said the expansion was on hold, which led to a front-page newspaper report headlined "Rio shelves billions in projects."
"We've got our projects on hold while we try to understand the ramifications of a 40 percent increase in taxes," iron ore Chief Sam Walsh was quoted as saying in The Australian.
Rio Tinto later distanced itself from the comments by Walsh.
"No decision has been made to shelve any projects in Australia," Rio Tinto said. "The feasibility study into the proposed 330-million-ton per annum expansion of Rio iron ore operations in Western Australia is continuing as previously advised."
But Rio also said it was so far unable to determine the potential impact of the tax on its expansion plans.
Miners are rethinking projects in the face of the tax starting in 2012.
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