Mongolian threat to coalminers
MONGOLIA'S lower-tax coal sector could rob global market share from Australia, Canadian billionaire mining executive Robert Friedland says.
Mr Friedland, who chairs the Toronto stock exchange-listed miner Ivanhoe Mines, and its 90 per cent-owned Ivanhoe Australia, said, ''Mongolia could kill Australian coal'' because its mining tax is lower than Australia's.
Ivanhoe Mines' 79 per cent-owned coal company South Gobi Energy Resources is the largest coal producer in Mongolia in terms of export sales. The tax on mining profits in Mongolia is 25 per cent, compared to Australia's proposed 30 per cent mining tax, he said.
Mr Friedland, who chairs the Toronto stock exchange-listed miner Ivanhoe Mines, and its 90 per cent-owned Ivanhoe Australia, said, ''Mongolia could kill Australian coal'' because its mining tax is lower than Australia's.
Ivanhoe Mines' 79 per cent-owned coal company South Gobi Energy Resources is the largest coal producer in Mongolia in terms of export sales. The tax on mining profits in Mongolia is 25 per cent, compared to Australia's proposed 30 per cent mining tax, he said.
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