Mining magnate Clive Palmer has rejected the compromise deal on the mining tax as "still a large tax" which would hurt the economy.
And he's confident the opposition - which he donates to - will stand firm against the deal.
Treasurer Wayne Swan's move to drop the rate of tax from 40 to 30 per cent was not enough, Mr Palmer said.
Mr Palmer, a major donor to Queensland's Liberal National Party who has interests in iron ore, coal and nickel.
Mr Palmer expressed confidence the opposition would stand firm against the tax."I'm sure they will."
IS THIS MAN EVER SATISFIED
I'M NOT A BULLY I JUST LIKE TO GET MY OWN WAY
I DON'T LIKE ANY SORT OF TAX
Miners welcome Australia's resources tax overhaul
SYDNEY: Global mining giants BHP Billiton and Rio Tinto today welcomed the Australian government's changes to a new resources tax, as Xstrata announced it would resume some activities suspended over the levy.
The three miners said they were encouraged by Prime Minister Julia Gillard's announcement that the new tax rate for iron ore and coal profits would now be 30%, instead of 40%, and kick in at a higher rate.
"The companies agree that the proposal presented by the government represents very significant progress towards a minerals taxation regime that satisfies the industry's core principles," they said in joint statement.
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