Rinehart’s Hancock weighs $3.3 billion iron ore mine project
Hancock acquired a 51% interest in the Mt Bevan project from Legacy Iron Ore Ltd. and Hawthorn Resources.
Legislation introduced in the Queensland state parliament could have a negative impact on mining.
The bill, the first of its kind to be introduced in Australia, bans mines that would make land unusable for farming, the Courier-Mail reported Wednesday:
“The resources sector is growing in Queensland, but our government’s commitment is to sustainable growth supporting mining in the right places, while ensuring best agriculture land is protected for future generations,” (Environment Minister Rachel) Nolan said in a statement.
Under the new law, farmland would be assessed under eight scientific criteria to show if the land is good for cropping, and therefore qualifies for protection. In protected areas, mining would only be allowed to proceed if the minerals could not be found in another part of the state or other exceptional circumstances reported the Courier-Mail.
The restrictions apply to open cut mining, coal seam gas, underground coal gasification, long-wall or underground mining, and urban and industrial development.
Meanwhile ABC Rural reported eight Queensland councils will opt out of a voluntary ban on mining exploration within two kilometres of their urban areas:
In August, the State Government froze exploration around towns with more than 1,000 people to address community concerns about mining.
Queensland is the world’s largest exporter of seaborne coal with over 30 billion tonnes of identified resources, according to the Queensland goverment’s website.
The state also hosts copper, lead, zinc, bauxite, phosphate rock, magnesite, and oil and gas basins.
