Dow Jones quoted Mr Tom Albanese CEO of Rio Tinto Limited as saying that he expects the Australian government's transition committee set up to put finishing touches to a planned mining tax to work through any remaining disagreements.

Mr Albanese said that he has the utmost confidence a committee headed by resources minister Mr Martin Ferguson and former BHP Billiton Limited chairman Mr Don Argus will iron out remaining differences.

He added that "I'm quite confident the transition committee will work through this. We are moving forward in a spirit of constructive development."

He said that all of Rio's businesses are running very well, and said he absolutely retains shareholder support after regulators blocked a planned iron ore merger with BHP.

Australian media reported last week that major mining companies who crafted the mineral resources rent tax, or MRRT, with the government earlier this year regard the government's position on royalties as reneging on their deal.

Mining companies in Australia are charged royalties on their mining revenue by state and local governments but the MRRT credits these back to the companies in return for a federal tax on their profits.

The reports said that major mining companies, currently enjoying record profits as a result of the country's commodity boom, would like Australia's Treasury to also use the tax regime to credit them for any future royalty increases demanded by state governments.

(Sourced from www.dowjones.com)