Son of a Croatian immigrant, Andrnico Sr. began investing in the mining business in northern Chile with financing from Nippon Steel.

FORBES: Like father, like sons

It can also help mining corporations reduce financial risk and gain access to financing.

FORBES: Why the Future of Mining Depends on Social Change

But Fortescue, which is part-owned by Chinese state mining firms, said the tax would hit profits before financing costs, leaving it less room to repay debts.

BBC: Australian miner Fortescue in tax plan threat

She needs the backing of state governments for contentious planned reforms: a national school curriculum, changes to the financing of the health system and a tax on mining profits.

ECONOMIST: Labor is humbled in its heartland