World Business

Australia, miners to announce tax deal Friday

(Agencies)
Updated: 2010-07-01 14:57

The Australian government and miners will announce a resources "super profits" tax deal on Friday, after reaching a compromise on the controversial tax on Thursday, The Australian newspaper said.

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"Miners and the government will announce tomorrow that they have struck a deal to end the bitter standoff over the mining tax. The government and the mining companies are now working out their separate responses to the settlement reached today," said The Australian on its website.

The proposed mining tax threatens more than $20 billion in investment, according to mining companies, but no major project has yet been scrapped and several have actually been advanced since the tax was unveiled on May 2.