| China has sent a blunt warning to governments in Australia that it will strive to keep its domestic iron ore miners afloat by announcing a new round of tax cuts for the embattled industry. Just days after the Western Australian Government started giving royalty relief to junior miners like BC Iron, China's State Council announced that Chinese iron ore miners would receive a 6 yuan ($1.27) tax cut on each tonne of iron ore produced.
The introduction of a subsidy by the world's largest steelmaker may further hurt iron ore prices which fell to a 10-year of $US47.08 per tonne last week, and is bad news for Australian miners hoping to survive long enough to succeed the Chinese domestic miners...............................................Full Article: Source
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