AUSTRALIA-TAX/FORTESCUE (URGENT)SYDNEY, May 19 (reuters) -...

AUSTRALIA-TAX/FORTESCUE (URGENT)

SYDNEY, May 19 (reuters) - Australian iron ore miner Fortescue Metals Group put $15 billion in new iron ore projects on hold on Wednesday, citing the country's proposed new tax on mining profits.

Development work on the Solomon and Western Hub iron ore deposits in west Australia have been suspended while the company considers the implications of the government's 40 percent tax on profits, due to be introduced in 2012.

(Reporting by James Regan; Editing by Mark Bendeich)


http://www.forexyard.com/en/news/Fortescue-shelves-15b-in-mine-projects-due-to-tax-2010-05-19T011154Z