The dispute between the Federal Greens and the mining industry has intensified after the party urged a debate on measures to slow down the $65.3 billion iron ore sector according to an article published the Australian Financial Review.

 

Greens leader Bob Brown’s delivered his policy speech in light of a briefing paper issued by adviser Naomi Edwards that warned that iron ore would be depleted by 2036 and that a higher resources tax should be implemented to curb the rate of extraction and prolong the industry.

 

In his speech, Senator Brown proposed that resources tax should be returned to its original form of 40% to offset the risk of depleting reserves.

 

Senator Brown also proposed legislation to make it harder for international companies to purchase land in Australia after he hit out at Chinese Shenhua for spending $218 million in buying up land in New South Wales’ Liverpool Plains for coal exploration.

 

The mining industry has flatly denied Senator Brown’s allegations that foreign mining interests were buying land and shipping profits offshore.

 

Senator Brown also suggested the implementation of a ‘Robin Hood’ tax on wholesale financial transactions, as well as reducing the military budget by up to 10 per cent in a major speech before the party takes control of the Federal Upper House.