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Resources tax no barrier to investment

Australia's plan to levy a 40 per cent tax on mining profits hasn't deterred Chinese investment in the country's resources.Xi Jinping, vice president of China, and Kevin Rudd, prime minister of Australia, yesterday witnessed formal signing ceremonies for 10 mainly resource-related deals. The deals have a combined value of US$9 billion.One of the 10 deals was a US$1.2 billion loan for an iron-ore joint venture between Australia's Gindalbie Metals and China's Ansteel.Wall Street Journal

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