Fortescue's ever exotic Chief Executive last week heralded that the mining super tax is officially dead.

BHP Billiton, Rio Tinto and Xstrata posted that the Government's new proposal depicted a whooping progress towards a tax system, that are abided by the industry's core ethics.

According to one very senior member of the miners' negotiation team, a result is discerned as "done and dusted" and will likely be unveiled before the market opens this morning.

It is expected that Prime Minister will reveal separate feelings with the prospective coal seam methane giants BG Group and Shell and with Woodside on its North West Shelf project, currently relieved from the commonwealth's petroleum resources rent tax regime.

It is deemed that the deal with the miners will be launched in the form of a heads of agreement that will pose up as a discussion paper for the remaining of the minerals sector.

The Big Three are hoped to have grabbed a won over a string of crucial concessions that rendered the RSPT to seek for a new name.

The Government is deemed to have made efforts to placate the impact of the super tax on presently going mining projects, in a bid to remove a swath of minerals from the scope of the tax, and to lower the 40% rate of the tax.