Queensland’s new coal royalty scheme will not affect international mining investment but will ensure that current record prices deliver better returns to regional communities, the miners’ union said today.
Mines and Energy Union chairman Tony Maher said it was disappointing to see the Japanese government weigh in on royalties when Japanese mining companies have been profiting from Queensland’s resources for decades.
“Coal prices are at sky high levels and no mining company is making investment decisions based on these prices or the new Queensland royalty rates triggered by these prices,” Mr Maher said.
“In fact, some Japanese players in the Queensland coal industry already had their coal assets in the market before the royalty changes.
“Of course, they would like to pocket a larger share of the current exit super profits, but we will support a new hospital for Moranbah in exchange for larger payouts to Japanese shareholders any day now.
“Mining companies will make their investment decisions based on the long-term outlook for coal prices and demand. It is only appropriate for Australian governments to ensure that the industry meets the needs of citizens, especially at a time of record prices.
“Mining communities are demanding a fair return for their long-term support of the coal industry and foreign governments and the mining lobby should respect that.”
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