Atlantic Ltd announced today that the proposed resources super profits tax (RSPT) will have minimal impact on its Windimurra vanadium project due to its large existing capital base and the circumstances under which the project will be acquired.

Atlantic Ltd is currently working with Mineral Resources Ltd towards the completion of the acquisition from the Receiver of Midwest Vanadium Pty Ltd. Expected date of completion is on or before 30 June 2010.

"Windimurra is a highly prospective project with a quality reserve base, low construction risk and limited operational risk," said Atlantic Ltd managing director Michael Minosora.

However, Atlantic stressed that it strongly opposes RSPT. It said that while RSPT will not materially impact its Windimurra vanadium mine, the planned tax will affect the resources industry.

According to Atlantic, "the design and structure of this new tax will have a negative impact on the resources industry in Australia and raises profound implications for Australia's sovereign risk rating."

Last month, Mineral Resources Ltd and Atlantic Ltd announced both have finalised an agreement to acquire, complete construction and commissioning of the Windimurra vanadium project in the southern Murchison mineral field of Western Australia.

Windimurra, 600 kilometres north-east of Perth, is close to the gold mining centre of Mount Magnet and is claimed to be one of the world's largest vanadium deposits.

Atlantic Ltd share was last traded at $4.4 cents, up 4.8 per cent or 0.2 cents.

Stock of Mineral Resources Ltd last traded at $6.78, up by 3.4 per cent or 22 cents.