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.
The Minerals Council of Australia (MCA) says the state is stunting growth in the mining industry through too much regulation and taxation.
The Council conducted an audit of Australia’s legislation and has concluded that the mining industry is overburdened with red tape, The Australian reports.
The report says that Australian companies are losing competitiveness as a result of complicated laws and bureaucracy.
Frequent legislation changes make it costly and difficult for miners to keep up. The Australian reports that the country has made 11 changes to mine approval policy since 2006. Western Australia has made about 15.
Australia’s Whitehaven Coal (ASX:WHC) is currently dealing with legal action over government approval of it’s mine project in South Wales.
The MCA calls itself the “corporate affairs division of the Australian minerals industry” and represents companies producing 85% of the country’s minerals.
Creative Commons image by: Alberto Otero García
