Queensland’s major mining bodies have rebuffed the state government’s launch of its industry plan in response to the state’s decision to hike coal taxes.
Under the new royalty regime, which comes into effect from July 1, miners would need to pay more royalties (20 percent) on each tonne of coal sold for more than $175 (US$119.00) since the start of the new financial year on Friday.
Additionally, the government would take 30 percent of revenue earned above $225 a tonne, and 40 percent for prices above $300 per tonne.
Prior to the government’s new 30-year mining industry launch on Monday, the Queensland Resources Council (QRC) and the Queensland Exploration Council have refused to attend the event….