#Australia#Australian mining industry#mining companies#taxes

Australia Ranks Number Seven In Mining

|Sep 29|magazine5 min read

Good news for mining companies and residents alike.  Australia is up with the top 10 countries in being one of the best places to mine according to a global survey.

RESOURCESTOCKS magazine’s 2011 World Risk Survey ranks Australia in at number seven right behind the US.  The survey results were compiled from a questionnaire sent to over 1,000 professionals from all over the globe.

Chile was ranked second, followed by Burkina Faso, Botswana, Sweden, US, Australia, Brazil, Canada and Argentina.

The survey questioned professionals on the perceived and known risks in the fields of financial risk, sovereign risk, land access, green tape, land claims, red tape, social risk, infrastructure, civil unrest, natural disasters and labour relations.  A weighing measure was used for the relative importance of each category.

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Now that Australia has the green to go for mining, the minority Labour government is receiving pressure from Greens lawmakers to now expand the mining tax to include gold, Australia’s third biggest export earner after iron, because according to the Sydney Morning Herald, “To compensate miners for state royalty increases."

The 30 per cent mining tax aimed at iron ore and coal firms is foreseen to expand to $7.7 billion in its first year starting July 1, 2012.

Treasurer Wayne Swan stated the global market’s volatility and slowdown will make reaching this surplus very difficult.

According to RESOURCESTOCKS’  website the research and survey conclusions should be published in the magazine's October 2011 edition.