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Published: Saturday 10 August, 2013

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It is not surprising that mining firms are reassessing projects in light of the Federal Government proposed tax on resources super profits, Treasurer Wayne Swan says.

Fortescue Metals Group, Australia third largest iron ore miner, said two of its three expansion projects were being put on hold and could be sold to overseas investors.

The company said debt financing for the $US9 billion $A10.57 billion Solomon Hub project and $US6 billion $A7.03 billion Western Hub project had become difficult with the looming threat of the tax.

Other Australian resources firms have said projects could be halted or delayed because of the planned 40 per cent tax, which is not expected to come into effect for another two years.

It is hardly surprising that people would be looking at their projects in light of the government announcement, Mr Swan told reporters in Sydney.

There is nothing new or surprising about that.

We need to get a bit of perspective into these announcements.

Talking about some projects on hold, some of those projects may have been put on hold at other times for other reasons.

Fortescu michael kors online outlet handbags e chief executive Andrew Forrest said he could not see a way for the projects to be financed under the proposed regime.

I am a very experienced project financier, and I cannot see a way and my team and I believe we the best project finance business in the country can find a way that we can maintain our equity, our Australian equity, in these projects and still develop them under this highly theoretical new tax, he told a teleconference on Wednesday.

I do regret to say that any projects we can get going before the tax cuts in will not continue.

Those that cannot be developed in time are now facing very uncer michael kors online outlet handbags tain futures.

It is true that we could sell these projects they could still be developed they could be developed by other countries.

They could be developed by those who don have their current revenue stream impacted in the quite horrific way that is being proposed by this new tax. michael kors online outlet handbags