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Canada Tax: Australian profits tax could be good for Teck - CEO

by Liezel Hill, 04 June 2010, TORONTO -- Canadian miner Teck Resources stands to benefit from the proposed 40% super profits tax on mining companies in Australia, CEO Don Lindsay suggested on Thursday.

"There is a positive for us, if the government in Australia really does that then those companies will invest less in coking coal production," he in response to a question at the Goldman Sachs Basic Materials Conference in New York, which was broadcast over the Internet.

Less coking coal coming out of Australia would likely boost prices for the steelmaking ingredient, which Teck produces from mines in British Columbia, Canada.

And assuming the Canadian government sticks to its promise not to hit the industry with a super-profits tax, "and we continue with our growth, that's very good for us," Lindsay said.

Teck expects to produce between 23,5-million and 25-million tons of coal this year, compared about 19-million tons in 2009.

The Vancouver-based miner is the second-biggest producer of seaborne hard coking coal, behind BHP Billiton, after its 2008 acquisition of Fording Canadian Coal.
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