Fortescue loses mining tax challenge

High Court unanimously dismisses group's claims over legality of MRRT, shares in iron ore miner slide.

The High Court of Australia has dismissed a challenge by Fortescue Metals (FMG) over the legality of the federal government's minerals resource rent tax.

Investors responded poorly to the verdict. At 1210 AEST, shares in Fortescue were 2.54% lower at $3.83, against a benchmark index fall of 0.97%.


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