Richard Karn: Strange Bedfellows-Australia’s Labour Party & the Big 3 Miners

Source: The Gold Report  The Gold Report’s boots-on-the-ground correspondent in Australia, Richard Karn (managing editor, The Emerging Trends Report), updates us on the death of the Resource Super Profits Tax (RSPT) proposal and the birth of a new tax, the Mineral Resources Rent Tax (MRRT). Supposedly a "fair share" for all, but Karn is not convinced. Read on for his take on the new tax’s implications for Australian mining. The Gold Report: So what’s the latest "down under" on the resource tax situation? Richard Karn: On Friday July 2, 2010, new prime minister Julia Gillard announced that the Resource Super Profits Tax (RSPT) proposal was dead and that the Labour Party had negotiated a new Mineral Resources Rent Tax (MRRT) agreement with the "Big…