The chief executive of BHP Billiton told reporters over the weekend its concerns regarding the Federal Government's 40 per cent on all profits of the mining companies.

The proposed super profit tax on mining profits was questioned by the mining executives as new tax is “above normal”on mining profits from 2012.

Marius Kloppers, BHP's chief executive, remarked on a business TV program that Prime Minister Kevin Rudd's proposal should only apply the mining tax reform to future investment decisions and not to existing companies that were already commissioned by the government.

He said that if the new proposal pushes through, there will be serious consequences particularly on investment, jobs, and growth. Australian mining companies will also be made to pay twice the tax rate of every major countries such as Brazil, China, and Canada so it can compete for investment.

"If you pay twice the tax in one country that you pay in another for the same product, then relatively speaking that other country will become more attractive," Mr. Kloppers said.

Mr. Kloppers suggested that the proposal should only be applicable only at different rates depending on the resource sector.

"The reality is the investment patterns, the return patterns for bauxite, nickel, coal, diamonds and so on (are) all very different and our proposal has always been that each one of those should have its own rate," he said.

The BHP chief declined to comment whether the the company will pursue job cuts or not.

"Obviously we're not going to come out - particularly while it's very uncertain of exactly what will happen - to make blanket statements about things that effect livelihoods of communities, people, employees and so one," he said.

Mr. Kloppers added that there is now an existing uncertainty in the mining industry as the proposal for a tax reform on miners was too sudden when there was a decade-long stability of tax agreements.