Following the news of a revamped mining tax, a lobby for smaller mining companies argued that the federal government's decision was shaped out with the big three miners at the expense of others.

According to Association of Mining and Exploration Companies chief Simon Bennison, his group was neglected in the negotiations.

Small miners would be disadvantaged by the new deal, he said.

"The government feels the only way it can negotiate through these sorts of situations is with three companies.

"That's an absolute nonsense.

"That's not the way to do business. It typifies the way this government responds to small businesses in this country," Mr Bennison said.

Small companies with annual resource profits below $50 million will not be liable to pay the new levy.

The group intends to continue its campaign against the 30 per cent tax, which is now limited to just 320 companies mining iron ore, coal, oil and gas, from a previous total of 2500 affected businesses.