‘No royalty holiday for Adani’s coal mine in Australia’

‘No royalty holiday for Adani’s coal mine in Australia’

The Queensland government today decided not to grant a royalty holiday to Adani’s controversy-hit Carmichael mine project in Australia, a setback to the Indian energy giant which said it would review the Cabinet’s decision.

Following a Cabinet meeting, Queensland Premier Annastacia Palaszczuk said that an agreement was reached unanimously that Adani will pay full royalties for its $21.7 billion Carmichael coal mine in central Queensland.

“There will be no royalty holiday for the Adani Carmichael mine. The Adani Carmichael mine will pay every cent of royalties in full,” Palaszczuk said.

In a statement released after the Cabinet’s decision, Adani Australia said it will analyse the details of the Cabinet’s decision once it was formally provided to them.

“Adani Australia will give urgent consideration of State Cabinet’s decision on a royalties arrangement for the Carmichael coal mine project,” the company said.

Adani reiterated that “it will pay every cent of royalties to the state as was always the case, and that it also remains committed to regional Queensland and generating 10,000 direct and indirect jobs”.

Earlier this month, the ABC News reported that the state government was considering giving Adani a discount on royalties which could total up to A$320 million in lost revenue to the state.

On May 22, Adani deferred a final investment decision on its much-delayed Carmichael coal mine project after the Queensland government failed to decide on royalties amounting to millions of dollars for the project. Read More…

 

 

 

Credit By: The Hindu Business Line

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