phosphate likely to be excluded from tax, page-6

"The changes, announced by Prime Minister Julia Gillard this morning, include reducing the headline rate of the tax from 40 per cent to 30 per cent.

* Tax renamed the Minerals Resources Rent Tax
* Will only apply to iron ore and coal
* Iron ore and coal will now be subject to a new tax at a rate of 30pc instead of the original 40pc
* Tax will kick in at the government bond rate plus 7 per cent, which would be around 12 per cent
* Oil and coal seam gas to be rolled into the existing Petroleum Resources Rent Tax and taxed at 40pc
* Changes mean the Government loses $1.5 billion of expected revenue"