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.
Amid dire predictions about job losses and the drying up of investment in the sector due to a proposed carbon tax come more bad news for Australia’s coal miners.
Platts reports New South Wales plans to increase the royalties it receives from coal companies to offset some $400 million in extra costs to the state’s coal-fired electricity generators due to the very same federal government carbon levy.
Around 95% of NSW’s royalty revenue comes from coal mines where rates currently top out at 8.2% of the value of production and is forecast to rise to $2.1 billion in the year ending June 2013 after the hikes come into effect.
Platts reports royalties are levied by Australian state governments on the value of coal production and present royalty rates in New South Wales are 6.2% for underground mines that are more than 400 meters deep, 7.2% for mines less than 400 meters deep and 8.2% for open-cut coal mines.
MINING.com reported on Wednesday Australia’s proposed emissions trading scheme – which will evolve from the carbon tax being implemented next year – has won praise from Beijing, where it will be the model for one of six Chinese pilot programmes to be introduced in 2013. Earlier this week the EU also endorsed the controversial Australian plans and announced the start of talks for the eventual linkage of carbon trading by 2015.
WA Today reports support for Australian Prime Minister Julia Gillard from business has been scarce in recent months, and earlier this week the government was criticised by one of its own business advisers – former BHP Billiton (ASX:BHP) xstratchairman Don Argus – for not properly planning how the proceeds of the proposed carbon and mining taxes would be spent. Gloucester Coal (ASX:GCL), Rio Tinto (ASX:RIO) and Xstrata (LON:XTA) all have operations in NSW.
2 Comments
Kleeson
Carbon tax to implement will cost the taxpayer billions whereby if left alone would not cost a cent. o.o4% carbon has been measrued in the atmosphere…hardly anything to concern a sensible logical person…and plants need carbon dioxide and there is not enough as measured by true climate realists. Dont get suckered Aussies by a useless PM Julia Gilliard needs to be at home knitting, not running a billion dollar country. GO home and put your slippers on Gillard.
Alanpro
kleeson i look the bigger picture most the revenue from the coal is going overeas and because the boom in mining we have two speed economy its common sense to offset a revenue from the mining sector to the retial and tourism and our aging infrastructure the mining boom wont last forever so wisdom should prevail if our country wants to be leading economy with latest energy and corbon inovations which will create jobs and set us at forefront too export eco friendly made in australia range of products that create low carbon we are a leading evconomy we need to advance to our full potential while this boom is giving us th money to do so otherwise we can stagnate with abott who wont tax the mining industry at all and will need to tax the bussiness retail and workers if he scares his way into power heaven forbid dont let our country go backwards and abbott will need 80 billion from where if he becomes prime minister hmmm its obvious if we really care to think about it if abbott policy plant more tress im wunder where all the trees will grow and how many would need to be planted ,mayb on top of the proposed land the miners want hehehe alanpro