Iron ore company Cape Lambert Resources Ltd has scrapped an Australian project, citing the nation's planned new mining profits tax.
It is the first mining company to cancel work in Australia due to the 40 per cent tax, which applies from 2012.
"These planned activities will no longer occur given the outcome of the Henry tax review, which is looking to impose a retention tax or a super tax on mineral projects developed in Australia," the Australian-based exploration company said in a statement.
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