phillips river project - henry reforms

At first I thought Henry Reforms might be bad for Phillips River but on closer examination it could be just the opposite and assist a project like this.

See: http://www.futuretax.gov.au/pages/AFairShareFromOurNaturalResources.aspx

"The RSPT will apply a 40 per cent tax to profits from resource projects after allowing for extraction costs and recouping capital investment.

Companies will not pay RSPT until after they provide shareholders with a normal return on capital investments. The generous tax treatment of capital investment under the RSPT, compared with the royalty regimes, will improve the viability of many less immediately profitable mining ventures, boosting investment and jobs in the sector.

So the RSPT will help mining both during set up and during economic downturns."

Throw in also generous exploration rebates - you don't have to be making a profit to claim the 30% rebate.

also the rebates on royalties make the 40% tax less of a burden.

I wonder if the franking credit on mining company dividends will be at 40%?

Also I am hoping if the tax does get through ammendments will see only the larger companies with billion dollar profits get hit. Lets face it for a small company to grow it needs to reinvest so much more (in percentage terms) of its profits back into exploration.