Fortescue tilts at mining tax
Mining giant Fortescue Metals has lodged a last ditch challenge against the impending mining and minerals rent tax with the High Court.
Fortescue CEO Nev Power announced the challenge on constitutional grounds, saying that the company has received new advice that shows the tax discriminates between states, curtails State sovereignty and gives prefercne to a single state over another.
"We believe we have a good case for challenging the MRRT on constitutional grounds and we look forward to the resolution of these important issues by the High Court," Mr Power said.
Fortescue has long argued against the tax, with Chairman Andrew Forrest saying the tax will only serve to deter new companies starting, while larger companies such as his will remain relatively unaffected.