Mar 20, 2012 06:27 PM IST | Source: CNBC-TV18

Mining tax not a problem for at least 5-7 yrs: Guj NRE Coke

Speaking to CNBC-TV18, Arun Kumar Jagatramka of Gujarat NRE Coke says that the contours of the mining tax are such that it will not impact new companies with large capex such as theirs.

Mining tax not a problem for at least 5-7 yrs: Guj NRE Coke

In a knocker for mining companies that operate mines in Australia, the Australian senate has pushed through into law, a 30% tax on iron ore and coal mining companies. While this is aimed at rising nearly USD 11.2 billion for the exchequer, Indian players such as Gujarat NRE Coke could see a cut at the bottomline.

While the tax imposition was still under discussion, Arun Kumar Jagatramka of Gujarat NRE Coke had estimated a rough net impact of USD 5 million. However, speaking to CNBC-TV18 today, he says that the contours of the mining tax are such that it will not impact new companies with large capex such as theirs.

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