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Adani deal: Qld Govt finally agrees on royalty scheme

Environmental activists voice their opposition to Indian miner Adani's proposed Carmichael coal mine, outside Parliament House in Brisbane, Thursday, May 25, 2017. The protesters called on the Queensland government to block a billion-dollar federal loan to Adani. (AAP Image/Dan Peled) NO ARCHIVING
Environmental activists voice their opposition to Indian miner Adani's proposed Carmichael coal mine, outside Parliament House in Brisbane, Thursday, May 25, 2017. The protesters called on the Queensland government to block a billion-dollar federal loan to Adani. (AAP Image/Dan Peled) NO ARCHIVING DAN PELED

STATE Cabinet has agreed on a new royalty payment scheme for Adani's Carmichael coalmine and other projects in new resource areas such as the Surat Basin and the North West Minerals Province.

A Government spokesman said there would be no "royalty holiday" for the Adani Carmichael mine. But it's unclear if the deal involves a royalty ramp up - so paying a smaller amount at the start of mining and the full rate and interest once production increases.

"Opening up these three regions for development has the potential to support thousands of new jobs that are needed in regional centres along the coast as well as in outback Queensland," the spokesman said.

Despite scant details of the royalty deal emerging so far, Townsville Mayor Jenny Hill said it would boost for confidence in north Queensland.

"It's important that a fair deal is struck for all parties and that it's a deal that will give cert to any new player coming into the mining industry," she said.

Read more at Courier-Mail.

Topics:  adani editors picks

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