PERTH (miningweekly.com) – The world’s biggest diversified miner BHP Billiton would meet with the Australian consultation committee this week, to discuss the proposed super profits tax, Federal Treasurer Wayne Swan said on Wednesday.

BHP Billiton CEO Marius Kloppers has strongly opposed the 40% tax on resources profits, saying it would seriously threaten Australia's competitiveness and jeopardise future investments.

“This significant new tax will have the effect of making investments in Australia much less attractive,” Kloppers said.

The company was now assessing all its Australian operations and investments.

Earlier this week, BHP Billiton chairperson Jac Nasser said that a tax reform should only apply to new investments and not existing investments.

He also stressed that any reform should not disadvantage the resources industry compared with other industries in Australia, and that it should also not disadvantage the Australian resources industry compared with other countries.

Swan on Wednesday expressed his disappointment at the commentary from BHP Billiton’s top officials, telling ABC Newsradio that Kloppers had yet to go to the consultation committee to discuss all these issues.

“I think what we're seeing here is the fear campaign from parts of the industry that the government expected would come. But, Kloppers and BHP have yet to actually come to the consultation committee,” he said.

“The government is constructive in wanting to talk to industry. But, it's a bit rich when the company goes public with these sorts of dire predictions when, in fact, they've yet to go to the committee,” he told the radio station.

Swan added that he had expected BHP Billiton to approach the consultation committee “well before now”.

“The government is genuine in talking to all of these companies including BHP. But I don't expect a big miner like BHP, which has done so well in recent times, to be excited that it may have to pay a bit more tax, may have to return a bit more fair value to the Australian people for their 100% ownership of mineral resources.”

BHP Billiton has paid A$6,3-billion to the Australian government in the 2009 financial year, of which A$3-billion was paid to the commonwealth government, A$1,9-billion to the state government, and a further A$1,45-billion in petroleum taxes to the commonwealth government.

To subscribe to Mining Weekly's print magazine email subscriptions@creamermedia.co.za or buy now.