Australian Mining Shares News Fortescue Metals Group (FMG)

Fortescue Metals Group (FMG) is an iron-ore miner with operations in WA’s Pilbara region, and is Australia’s third largest miner in the stock market, behind RIO and BHP

According to FMG’s CEO, Andrew Forrest, a tentative deal with Kevin Rudd was reached over the resources super profits tax just days before he was ousted as PM.

The agreement proposed lifting the rate at which the profit tax would kick in from 6%, to 15%.

In addition, the agreement would have placated part of the bigger miners’ concerns over the tax being applied retrospectively across existing projects.

Interestingly, mining shares would have likely have been the shares to buy had the agreement been finalised.