Fortescue partners with China Baowu to tackle steel industry decarbonization
Fortescue also aims to make all its iron ore products green by 2030.
Mines and Money awards dinner in London.
Counting up all the services and tax breaks Australian miners receive, the left-leaning Australian Institute calculates that the industry is being “propped up” on A$4.5 billion from the federal government over the past year.
In its report Pouring More Fuel on the Fire that was released today, the institute says the subsidies were 12.5% higher in 2012 compared to the year before.
The institute lists the largest subsidies:
The subsidies are under esimated, says the report’s authors since states subsidies were excluded, as well as “. . . subsidies that go to a number of industries but cannot be broken down to show only those benefits that accrue to the mining industry.”
With miners receiving pre-tax profits last year of $84 billion, the institute says the subsidies are unwarranted.
“To put this in context, that represents six per cent of GDP, or, for every $100 of income earned in Australia, $6 went to the owners of mining companies,” writes the report’s authors.
Profits spell investment. The author’s chart the amount of money flowing into major mining projects are worth A$268 billion.
Using figures from the Bureau of Resource and Energy Economics (BREE), the Australian Institute estimates that energy and mineral projects worth $268 billion have been started or committed to.
Creative Commons image of Mines & Money London 2011
