Australia's prime minister says a $5 billion bid for one of the nation's coal mines is proof an unpopular new tax on the country's worst polluters won't cause the collapse of Australia's lucrative coal industry.
Prime Minister Julia Gillard said Tuesday that Peabody Energy Corp. and ArcelorMittal's tandem bid for Queensland state's Macarthur Coal Ltd. shows companies are not scared off by the tax. The tax will force the country's 500 worst polluters to pay 23 Australian dollars ($25) for every ton of carbon they emit.
Gillard told Australian Broadcasting Corp. radio that the bid shows businesses see a good future in the country's coal industry.
Australia is one of the world's worst greenhouse gas polluters.