Mining giant BHP Billiton Ltd says the impact on the company of a compromise resources tax plan unveiled by Prime Minister Gillard last week is still uncertain.
In a letter to shareholders, BHP Billiton chairman Jac Nasser said the company was encouraged by the new tax proposal.
"There is still a great deal of detailed work to be done before this tax is enacted and its impact is certain," Mr Nasser said on Tuesday.
"We will work with the government to ensure that the final outcome of the minerals taxation proposal maintains the international competitiveness of the Australian resources industry and is in the long term interests of all Australians," he said.
Last week Ms Gillard struck a deal with miners that saw a proposal for a resources super profits tax （RSPT） dumped in favour of a softened minerals resource rent tax （MRRT）.
Under the MRRT, iron ore and coal projects will be taxed at a headline rate of 30 per cent, down from the previously planned 40 per cent, and the cut-in rate of the tax has been adjusted up.
Other commodities will not be subjected to the MRRT.
The new tax will be calculated on the profit of a mine based on the mine gate value, not to downstream processing, and there is a 25 per cent extraction allowance.
Mr Nasser said his company believed tax reform should be prospective, competitive, differentiated and resource-based.
"We believe this decision to replace the earlier proposed tax with a better designed tax proposal is encouraging for the resources industry," Mr Nasser said.
"A good foundation has now been established on which an effective tax can be implemented," he said.
Mr Nasser's comments come the same day Queensland mining magnate Clive Palmer reiterated criticisms of the new tax proposal.
"It defies explanation as to why such a profitable, investment heavy industry such as mining coal and iron ore is being the sole recipient of an additional tax," Mr Palmer said.
Shares in BHP Billiton closed up 17 cents, or 0.46 per cent, at $37.15 cents.
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