TAX NEWS - June 2010

Rio Tinto: new tax must not apply to existing mines

MELBOURNE June 24, 2010 -- Global miner Rio Tinto said any new mining tax in Australia must not apply to existing projects and the tax rate must ensure Australia remains competitive as an investment destination.

"We are cautiously encouraged by the Prime Minister's invitation to begin full and open engagement on all aspects of tax reform," a Rio Tinto spokesman said in an emailed statement.

"While it is a positive first step, we need to end the uncertainty affecting the Australian economy as soon as possible," the spokesman said.