An Australian billionaire mining magnate has failed in a High Court challenge to the federal government's mining tax.
Andrew Forrest and his Fortescue Metals Group (FMG) had argued the tax discriminated between states and interfered with the rights of states to control their own mineral resources.
The Minerals Resource Rent Tax (MRRT) applies to profits for coal and iron ore projects above $A75 million.
The court unanimously rejected the challenge, saying the act does not give preference to one state over another, and ordered Mr Forrest to pay costs.
Despite the decision, Mr Forrest says he has no regrets about challenging the law. "This was a tax which was brought in in shocking circumstances of governance but we live with the verdict and I feel comfortable that justice has seen its day."
However, the ABC reports that the tax's future is uncertain despite the ruling as the Coalition has pledged to scrap it if it wins the 7 September election.
