It is reported that Australia government concede to further negotiate the details of its super profits tax on mining firms.

The miners said the 40 percent profit tax policy is near to nationalize the mine industry sector and will stop billions of dollars in investments.

The new tax revenue is planning to help fund social programs and for now the government officials do not have planned to make concessions on it although willing to negotiate on the details.

The nation's biggest miners have threatened to cancel expansion plans in everything from iron ore, copper and uranium mining to gas and gold unless the government rethinks its plan to introduce the tax in 2012.