Mining giant BHP has fired its strongest warning yet over the feared impact of Queensland’s hefty increase in coal royalties amid deepening investment concerns.
Mining giant BHP has fired its strongest warning yet over the feared impact of Queensland’s steep increases in coal royalties amid deepening concerns across the industry that it may damage the nation’s future investment appeal.
“It’s a backward step, and damages both Queensland’s and Australia’s reputation as a place to invest,” BHP Australian minerals president Edgar Basto said.BHP mines metallurgical coal from seven assets in Central Queensland’s Bowen Basin as part of a joint venture with Japan’s Mitsubishi. Previously, Queensland’s highest coal royalty rate was 15 per cent for coal sold above $150 a tonne. Under the new regime, which took effect on July 1, the state applies a royalty rate of 20 per cent for coal price above $175 a tonne, 30 per cent for prices above $225 a tonne, and $40 per cent for prices above $300 a tonne.
Coal usually ranks as the country’s second-largest export commodity, but prices for the fossil fuel have been rocketing this year as Russia’s invasion of Ukraine drives buyers across the globe to scramble to secure non-Russian coal supplies.
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