The Northern Territory (NT) is looking to replace its current mining royalty scheme with one that is more competitive following a report that found it to be a deterrent to investment.
Currently, the territory is looking at changing its profits-based scheme to one that is based on the underlying value of the extracted assets. The proposed new scheme, called an ad valorem-based royalty scheme, has been described as “simple,” and delivers “investment certainty.”
Nicole Manison, the NT’s Minister for Mining and Industry, said the NT must change its current scheme to remain competitive.
“Mining is one of the key drivers of the Northern Territory economy, and we must stay contemporary and competitive to attract more new mining investment,” Manison said in a June 22 statement….