May 18, 2010 / 5:55 PM / 8 years ago

UPDATE 1-Australia tax would raise prices--Gold Fields CEO

LIMA, May 18 (Reuters) - A proposed tax on miners in Australia would drive up minerals prices, Gold Fields (GFI.N) Chief Executive Nicholas Holland said on Tuesday at an industry conference.

The company is a leading gold miner and the tax being considered in Australia would place a levy of 40 percent on profits.

Holland also said gold prices, which are near record highs, will have an “upward trend” for the long term.

He added that the company wants to increase its annual gold production in South America from 350,000 ounces to 1 million ounces in the next four to five years. (Reporting by Patricia Velez and Eduardo Garcia; Editing by David Gregorio)

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