State resource plan not worth paper it’s printed on says QRC

Queensland's peak mining body has dismissed the State Government's release of a much-vaunted 30-year plan for the resources industry as the sector continues to fume over this week's coal royalties hike. “The Queensland Resources Council (QRC) notes today’s release of the Queensland Resources Industry Development Plan and thanks the Department of Resources for its involvement in the development of the plan," chief executive Ian Macfarlane (pictured above) said. "Unfortunately, a Queensland Government 30-year plan isn’t worth the paper it’s printed on when the rules for investment in Queensland’s resources can change overnight. "Following this week’s budget announcement that coal royalty rates will increase astronomically from next week (July 1), we now know the Queensland Government’s plan for the resources sector is to increase taxes, short-change resources communities and drive away jobs and investment." State Resources Minister Scott Stewart said the Palaszczuk Government was committing to implement the Queensland Resources Industry Development Plan and its 43 actions across government. The plan addresses six key focus areas: growing and diversifying the industry; strengthening environmental, social and governance credentials and protecting the environment; fostering coexistence and sustainable communities; ensuring strong and genuine First Nations partnerships; building a safe and resilient workforce; and improving regulatory efficiency. State Resources Minister Scott Stewart. Mr Stewart said this week's State Budget had funded key actions in the plan including $1.59 million to make mining and exploration assessment and approvals more efficient and an additional $17.5 million over four years for exploration, with a focus on new economy minerals. This took the the total investment over five years to $22.5 million to find the future mines producing the minerals and metals that the world needs, he said. The Budget included $10 million over two years for geoscientific research to find out more about identified deposits and potential new ways to mine them and $5 million over two years for research to better define Queensland's new economy minerals potential. The State has pledged $5.7 million over three years to the Resources Centre of Excellence in Mackay to expand their existing training and business incubation service to support new economy minerals projects. This was in addition to other recently announced measures, such as at least $10 million for a common-user new economy mineral processing plant in Townsville, initially for vanadium miners, Mr Stewart said. Mr Macfarlane said the foolish decision revealed in the Budget to over-tax the sector would lead to projects being cancelled, put on hold or reduced and lead to job losses, particularly in regional areas. "The resources industry completely opposes the astronomical coal royalty increase announcement made this week by the Queensland Treasurer and calls on the Palaszczuk Government to end its assault on the Queensland resources sector’s future viability, which threatens the viability of regional Queensland,” he said.

State resource plan not worth paper it’s printed on says QRC

Industry Queensland

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