BHP Billiton
(ASX:BHP) has been urged to end its threats over the proposed resource super profits tax.
Federal Treasurer Wayne Swan wants BHP to cut the rhetoric and start talks on the proposed resource rent tax.
The Financial Review newspaper reports that Mr Swan described BHP’s predictions about the dire impact of the controversial tax as being a "bit rich".
BHP’s chief executive Marius Kloppers warned that dividend payments to half a million shareholders could be hit by the tax, and that Australia was in danger of tarnishing its reputation as a "gold standard" investment destination for mining companies.
It comes as Fortescue Metals adds pressure on the government by suspending new mining projects and mining stocks continue to take a battering, similar to falls seen during the 1987 market crash.
BHP is expected to meet tomorrow with the Treasury Tax Committee, while Rio Tinto will have its meeting today.
In the year to June 30 2009, BHP Billiton posted a $7.2 billion net profit.
