Australian state hikes coal royalties even as mines close

Publié le par brightshine

Australia’s resource-rich state of Queensland hiked taxes on coal miners on Tuesday, aiming to raise up to A$1.6 billion (Dh6.09 billion or $1.66 billion) in extra revenue, just a day after miners announced cutbacks to deal with falling prices and rising costs.

Top global miners BHP Billiton and Xstrata Plc said on Monday they were cutting output and shedding about 900 jobs at high-cost mines, the latest in a series of cutbacks and investment delays sparked by slowing growth in top consumer China.

The hike in royalty rates drew a predictable response from the mining industry.

“The worse-than-feared hike in coal royalties announced in Tuesday’s Queensland budget means more job losses,The Electrox Raptor is a cost-effective laser cutter system that offers all the benefits of fibre technology. the risk of further mine closures and the near certainty that numerous major new coal projects will not see the light of day,” said Michael Roche, chief executive of Queensland Resources Council, an industry body representing the mining firms.

The tax hike will likely make planned developments in Queensland’s remote Galilee Basin, a so-far untapped reserve, less viable in the short-term, as well as threaten higher cost producers.We have a wide variety of safety gear available from some of the worlds most respected and well known safety brands.

Rio Tinto said it was “shocked,Origin Laser is an Australian business bringing a new class of affordable and quality laser engraving machine and laser cutting machines markets. surprised and very disappointed” by the size of the royalty increase.

The “decision to increase royalties in this way flies in the face of the efforts being made by mining companies to improve the competitiveness of their operations by reducing costs”, said Rio, which employs 2,400 in its Queensland coal operations.

BHP, which is reviewing its coal operations in the state in light of soaring costs, weak prices and a strong Australian dollar, said the state already had one of the world’s highest royalty regimes.

“We made it clear to the Queensland Government that in the current environment any additional taxation impost will directly impact the profitability of our current operations and will affect business decisions on capital growth allocations in the State,” BHP said.

Benchmark Australian thermal coal prices are trading just below $92 a tonne while metallurgical coal, set by opaque quarterly contracts, is around $200 per tonne. Thermal coal is burned for power generation, while metallurgical, or coking coal, is used in steel making.Quite a bit ago I was able to get my first vacuum Forming machine up and running,

A significant portion of the Australian thermal and coking coal industry is losing money at current prices,” said Xstrata in a statement.

“There is a risk that the increase in royalties could result in production cutbacks in marginal operations.The roll former are mainly used in steel structure industry. As a consequence, estimates of how much additional royalty revenue will be raised may be optimistic.”

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