Adani has to pay royalties in full for coal mine - Australia state premier | Reuters

SYDNEY Adani Enterprises will get no exemption or discounted rates on royalties it has to pay to develop its Carmichael coal mine project in Australia, Queensland state Premier Annastacia Palaszczuk said on Saturday.Ministers from the centre-left state government made the decision on Friday, putting an end to speculation that the Indian company would be offered concessions on royalties during the early years of coal production. “Under this new policy, the Adani Carmichael mine will pay every cent of royalties in full,” Palaszczuk said in a statement on Saturday. “There will be no royalty holiday for the Adani Carmichael mine.”Adani said this week its board had deferred a final investment decision that had been expected by the end of May because the government had yet to sign off on a royalty regime

Reuters May 27, 2017 21:45:04 IST
Adani has to pay royalties in full for coal mine - Australia state premier
| Reuters

Adani has to pay royalties in full for coal mine  Australia state premier
 Reuters

SYDNEY Adani Enterprises will get no exemption or discounted rates on royalties it has to pay to develop its Carmichael coal mine project in Australia, Queensland state Premier Annastacia Palaszczuk said on Saturday.Ministers from the centre-left state government made the decision on Friday, putting an end to speculation that the Indian company would be offered concessions on royalties during the early years of coal production. “Under this new policy, the Adani Carmichael mine will pay every cent of royalties in full,” Palaszczuk said in a statement on Saturday.

“There will be no royalty holiday for the Adani Carmichael mine.”Adani said this week its board had deferred a final investment decision that had been expected by the end of May because the government had yet to sign off on a royalty regime.

Adani could not be immediately reached for comment on the Queensland government’s announcement.Deputy Premier Jackie Trad said Adani would be allowed to defer payment of royalties provided interest was paid and a security of payment was in place.

The state government ruled out the use of public money to subsidise the controversial project or any directly associated infrastructure.Adani has battled green groups over the past six years looking to block what would be Australia's biggest coal mine. Opponents have argued the coal exports would stoke global warming and that the project would require a port expansion that could damage the Great Barrier Reef.The port expansion is no longer needed as the company has shrunk the first phase of the mine to 25 million tonnes from 40 million tonnes a year, as it looks to make the mine and rail project more affordable at around $4 billion, instead of more than $10 billion. (Reporting by Harry Pearl; Editing by Muralikumar Anantharaman)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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