by Danielle Seagrave, Wednesday, 2nd May 2012

Andrew Forrest chairman of Fortescue Metals Group believes the Australian Federal Government’s estimated $10.6 billion mining tax revenue is a “charade”.  Cheap Ugg Boots on Sale in Ugg Boots UK Store.Welcome to Ugg Boots Sale Sale store.

Mr Forrest argues the figure is unpredictable at this stage. ''I would say we will pay between zero and $50 million of MRRT sometime in the next five years - I am not sure when it is and it will depend on iron ore prices. But will it raise the $10 billion? No,''.

Marius Kloppers, chief executive of BHP Billiton supports the claim that the mining tax figures are unclear. BHP, Xstrata and Rio Tinto are expected by the Treasury to account for 90% of the revenue raised.

Mr Forrest is still proceeding with talks to challenge the mining tax in the High Court.