Australia's High Court dismisses challenge to mining tax

CANBERRA (Reuters) - Australia's High Court found a controversial profits tax on iron ore and coal mines was constitutional on Wednesday, a major victory for the government that introduced the tax in July 2012 at the height of a China-led mining boom.

The High Court challenge against the tax was led by Australia's number three iron ore miner Fortescue Metals and its boss Andrew Forrest, who argued the tax discriminated against mining states and interfered with the rights of state governments to impose royalties.