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.
“AMEC is pleased with today’s announcement from Minister Anthony Lynham regarding a reduction in expenditure requirements for mineral explorers in Queensland,” said Simon Bennison, Association of Mining and Exploration Companies (AMEC), CEO.
“AMEC has been a strong advocate for this initiative and worked with the Minister and the QLD Department of Natural Resources and Mines to see this introduced.
“Eligible mineral explorers will now be able to reduce their exploration permit expenditure requirements by up to 50 percent over the next two years.
“This will help companies better manage their cash flow with the current funding pressures.
“AMEC looks forward to the Minister announcing an extension of this program to coal explorers in the near future. They are in a similar economic position and need this pragmatic approach to economic development.
“The cost of doing business in Queensland must be competitive to attract investment. This includes not only expenditure requirements, but a whole-of-government response to financial assurances and royalty reviews.
“Minister Lynham has shown with this initiative the importance of mineral explorers to Queensland. It is a solid first step to re-building a prosperous industry.
“Similar flexibility and concessions should now be considered in other jurisdictions,” said Mr Bennison.
