June 29, 2020
Queensland’s new coal royalty regime will not affect international mining investment but will make sure current record prices deliver better returns to regional communities, the Miners Union said today.
Mining and Energy Union President Tony Maher said it was disappointing to see the Japanese Government weigh in on royalties when Japanese mining companies have been profiting from Queensland resources for decades.
“Coal prices are at staggering highs and no mining company is making investment decisions based on these prices, or on Queensland’s new royalty rates triggered by these prices,” said Mr Maher.
“In fact, some Japanese players in the Queensland coal industry already had their coal assets on the market before the royalty changes.
“Sure, they would like to pocket a bigger share of the current super-profits on the way out, but we’ll back a new hospital for Moranbah over bigger payouts for Japanese shareholders any day.
“Mining companies will make their investment decisions based on the long-term outlook for coal prices and demand. It’s absolutely appropriate for Australian governments to make sure the industry delivers for citizens, especially at a time of record high prices.
“Mining communities are calling out for a fair return for their long-term support for the coal industry and overseas governments and the mining lobby should respect this.”