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Resources Industry Network

MEDIA STATEMENT: Difference in mining royalties should be directed to the regions

Resource Industry Network (RIN) says today’s State Budget announcement that mining royalties are set to increase progressively based coal prices needs to come with a guarantee - to return the difference in royalties to the region’s that generate the wealth.

In the last financial year, resources boosted the Queensland economy by a whopping $84.3 billion, with the Mackay region contributing a significant $18 billion of this total.

RIN acknowledges the important health and social infrastructure focus in the budget given the impact of the Covid-19 pandemic, as well as the support of the resources sector through the Queensland Resources Industry Development Plan.

However, RIN general manager Dean Kirkwood said as the industry moved into a new era of carbon neutral mining, it was essential that the regions driving the innovative solutions to make this happen, were supported in their journey.

“Investing in the regions just makes sense when it comes to delivering net zero solutions. The Mackay region, including Isaac and Whitsunday, has the capability and experience to fast track the new mineral economy,” he said.

“Our world-leading expertise in resource extraction and processing, high-tech engineering and manufacturing, and efficient mining operations have leveraged our value on the world stage.

“So it’s essential that our METS sector is part of the conversation if we are to lead the world in critical minerals processing.

“Given that resources account for one in every $5 spent in the Queensland economy, investing the royalties back into a region that’s embracing new industries and advanced manufacturing is vital.

“It means we can continue to be at the forefront of global mining innovation and technology, and as a result, allow Queensland to benefit and prosper from our immense natural resources,” Mr Kirkwood said.

*ENDS*


For further information, please contact:
Jodie Thompson - RIN Communications Manager
P: 07 4952 4184    |   M: 0408 638 968
Email:
comms@resourceindustrynetwork.org.au

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Resource Industry Network is the only not-for-profit member group representing the resource sector and allied industries within the Mackay region.

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