Iron ore miner Rio Tinto agreed with several miners that appearing before the Federal Government for consultations regarding the proposed 40 per cent rent tax is “a waste of time.”

BHP Billiton might probably say the same thing after its consultations with the panel is done today.

David Peever, Rio's managing director for Australia, lambasted the government's consultation panel, stating it was not broad enough and the “parameters” were set too tight.

Most of the mining companies raised its concerns over the substance of the tax to the proposed tax when it was announced on May 2.

''The panel's hands are tied because we are unable to discuss many of the substantive issues that have prompted concerns right across the sector,'' Mr Peever said.

''It is disappointing that we can't have full and proper consultations. We outlaid a number of serious concerns we have … and asked the panel to pass them on to the government.”

Mr. Peever advised the government to approach the consultation with a constructive and cooperative mindset which the industry has adopted for past months in relation to the tax form.

On the other hand, Andrew Forrest of Fortescue Metals have expressed its disappointment over the consultation process with the government.

During the Australian Mines and Metals Association conference yesterday, he told the participants the consultation was useless.

“They said to us we can't change the tax, the 40 per cent rate, the 6 per cent, the retrospectivity, we can't change it,'' Mr. Forrest said.

“They said 'if you want to get rid of this tax, you have to change the government'.”