Talks over the Gillard government's watered down mine tax announced on Friday carry on as junior iron ore companies propose further concessions in a meeting with Resources Minister Martin Ferguson in Perth on Monday.
This comes amid claims that the new regime favours a handful of major players who held closed-door compromises with the government over its design.
"There is nothing to celebrate about this tax," said David Flanagan, the managing director of iron ore producer Atlas Iron. "If you are a junior in the iron ore industry and you were not in the room you can guarantee you'll get stung."
In line with their concerns, the juniors would be putting a four-point plan to Mr Ferguson. These are: raising the threshold at which miners pay the minerals resource rent tax from $50 million to $100 million, lifting the hurdle rate from the long-term bond rate plus 7 per cent (about 12 per cent) to more closely reflect the cost of borrowing, reintroducing the exploration rebate suggested under the old resource tax, and excluding magnetite projects from the tax because of the high processing required at surface level.
''I don't want people to think that we are sitting here like screaming skulls,'' Mr Flanagan said. ''We think that the government has made some good movements and if they make a few more then it will really help the juniors.''
Mr Ferguson said yesterday that the exploration rebate was a matter the policy transition group would revisit.
''There were really mixed views about the exploration rebate and that's why we've referred the issue of exploration to the Argus-Ferguson committee because [the smaller mining companies] weren't really that enthusiastic in their support about the original government announcement. So we will have another look at what is appropriate,'' he said.
The Resources Minister will return to Australia this week to start discussions with the industry as head of the policy transition group.