Queensland Treasurer Cameron Dick has escalated the fight with diversified major BHP, warning that the miner’s current leases at its Queensland mines could be cancelled, if they were being ‘misused’. BHP on Tuesday again said that given the negative impact on investment economics of the Queensland government’s decision to raise coal royalty rates and the ‘increase in sovereign risk’ as a result of this decision, the miner would not be investing in any further growth in Queensland, however BHP said that it would sustain and optimise its existing operations.
has escalated the fight with diversified major BHP, warning that the miner’s current leases at its Queensland mines could be cancelled, if they were being ‘misused’.
Under Queensland legislation, the Resources Minister could cancel a mining lease or impose a penalty if a mining lease holder has carried out activities that are not bona fide for the purpose of which the lease was granted, has failed to pay royalties or monies payable under the lease, or has failed to comply with the conditions set under the mining lease.on Tuesday that any decision by the Minister for Resources would be made in accordance with the legislation.
“The introduction of the new royalty regime resulted in an additional $0.7-billion in royalties paid to the Queensland government by BHP in relation to FY23. Combined with income taxes, this equates to an adjusted effective tax rate including royalties of 55%,” the miner said in its results.
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