• 103 days Will The ECB Continue To Hike Rates?
  • 103 days Forbes: Aramco Remains Largest Company In The Middle East
  • 105 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 505 days Could Crypto Overtake Traditional Investment?
  • 510 days Americans Still Quitting Jobs At Record Pace
  • 512 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 515 days Is The Dollar Too Strong?
  • 515 days Big Tech Disappoints Investors on Earnings Calls
  • 516 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 517 days China Is Quietly Trying To Distance Itself From Russia
  • 518 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 522 days Crypto Investors Won Big In 2021
  • 522 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 523 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 525 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 526 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 529 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 530 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 530 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 532 days Are NFTs About To Take Over Gaming?
Oilprice.com

Oilprice.com

Writer, OilPrice.com

Information/Articles and Prices on a wide range of commodities: We have assembled a team of experienced writers to provide you with information on Crude Oil,…

Contact Author

  1. Home
  2. Markets
  3. Other

Is This Top 10 Mining Destination Turning Negative For Investment?

Australia’s southern state of Victoria took a big step to support mining exploration this week. Handing out A$1.2 million in grants to support exploration and development at five projects across the region.

But in one of Australia’s most critical mining regions, things look less positive. With the local government making several moves that could render projects here more difficult.

Queensland’s minister of environment and heritage protection Steven Miles unveiled a series of mining regulatory reforms early this week — speaking during a visit to Rio Tinto coal mining operations in the state.

Here’s what’s going to change.

For one, Minister Miles is proposing to speed up the timeline for mine rehabilitation across Queensland. Saying that new rules will require miners to begin reclaiming ground as it becomes available during operations — as opposed to common practice, where rehabilitation begins toward the end of the mine life.

The minister also said that ongoing rehabilitation performance would be audited and publicly reported.

Those are big shifts. And such moves by the Queensland government appear to be having a direct effect on project activity — with one major project pulling the plug this week. Namely, a proposed $12 billion coal mining development by India’s Adani group.

Adani told CNN on Tuesday that the company has delayed a final investment decision on the coal mega-mine. With company officials saying the decision is due to the Queensland government failing to guarantee tax breaks for the operation.

Such tax treatment has reportedly been a contentious issue within the government. But the outcome suggests a harder line against industry has prevailed — which may mean a tougher investment climate going forward. Watch for further policy announcements from the government, and for ensuing project decisions from miners.

Here’s to staying on top.

By Dave Forest

Back to homepage

Leave a comment

Leave a comment