Friday, 26 May 2017

Adani to pay full royalties for central Queensland Carmichael coal mine, Government decides

    Extract from ABC News

    Updated 5 minutes ago

    Queensland's Cabinet has agreed Adani will pay full royalties for its Carmichael coal mine in central Queensland.
    Cabinet Ministers met today and discussed the issue.
    Premier Annastacia Palaszczuk said they had reached an agreement.
    "There will be no royalty holiday for the Adani Carmichael mine," Ms Palaszczuk said.
    "The Adani Carmichael mine will pay every cent of royalties in full."
    The Cabinet decision allows for the possibility of a royalty deferral in the first few years, but Adani would have to eventually pay in full and with interest.
    Earlier this month, the ABC revealed the Government was actively considering giving Adani a discount on royalties for the Indian mining giant.
    It was expected to have cost up to $320 million in lost revenue to the state.
    Earlier this week Adani announced it would postpone its final investment decision on the $16.5 billion project until the State Government gave "clarity" over royalties.

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