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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