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 Western Australian (WA) government has launched a review of its current royalty scheme, aiming to deliver “a reasonable return to the community without discouraging production or acting as a disincentive to new investment,” according to WA Premier and State Development Minister Colin Barnett.
Chief executive of WA’s Chamber of Minerals and Energy, Reg Howard-Smith, welcomed the review, saying that his organization “looks forward to working with the State Government to ensure that industry’s views are taken into account and that WA’s resources sector remains internationally competitive, ensuring the continuing wealth of our state and the national economy.”
The government claims that they are not looking to make major changes to the current royalty system, but rather would like to “identify anomalies in the current structure…to examine the efficacy and appropriateness of existing policy, and to consider the equity and efficiency implications of any proposed changes to the royalty rates.”
WA miners have recently asked for gold mines to receive a “royalty holiday,” “until the burgeoning costs come under control,” Mining Australia reported Monday.
2 Comments
Russell
Colin , WHAT benefits to the community? all we see is INCREASES in government charges , you morons never have enough money, but you do for outrages pay rises and benefits to you PARASITES , WHAT WORLD ARE YOU LIVING IN COLIN ?
BG
more money for the world worst government and the world most expensive tax country, people struggle and most countries like Singapore, HK are taxing 16% and Dubai no tax so why do we need to have a partner at 47% so that they can spend our hard earn money without our say and keep making mistakes……homes are the second most expensive after Japan why???? it s not that nice here and not in the top 20 most beautiful countries, France number one in the world has penthouses on the water for around $790.000 euro, here 1 million buys you a discusting brick ugly house in the bush/suburbs and wages dont go up the last few years…. don t get it…….please explain ?????