Agreement signed to stop hike in mine royalties

ResourceQsigning_web200An agreement in principal to stop any further unexpected rises in mine royalties was signed yesterday by three of Australia’s peak industry bodies and the Queensland Government.

The statement of intent between the Queensland Government, the Association of Mining and Exploration Companies (AMEC), the Australian Petroleum Production and Exploration Association (APPEA), and the Queensland Resources Council (QRC) also includes a number of policies aimed at making  the Queensland industry better prepared for the challenges of the future.

Chief Executive of the Queensland Resources Council Michael Roche said the signing of ResourcesQ, a 30-year vision for the sector, was an important blueprint for the sector’s future, particularly with its emphasis on global competitiveness.

‘What the resources sector doesn’t need is unexpected cost increases, such as increased royalties. Investment in the sector is by its nature long term, and changes to royalties affect the global competitiveness of resources operations, and reduce our attractiveness as a destination for resource investment.

‘We also don’t need an added impost on our inputs in the form of the federal government’s mooted changes to the diesel fuel tax credit scheme in (tonight’s) budget.

‘However, I’m very pleased to see included in ResourcesQ measures to ensure that we have the skilled people we will require into the future.

‘I’m also gratified to see in the agreement an emphasis on properly informing the community about the sector’s importance to the economy, and regaining the confidence of the community in the government’s stringent environmental legislation.

‘Also covered is the importance of demonstrating prospectivity through the provision of geological information, and actively pursuing investment to identify future resource deposits.’

‘The QRC is looking forward to working with the government and other industry bodies to ensure this agreement is turned into action.

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