Coal, News

NSW MPs push for more certainty for miners

For the first time in over two years, China has received a shipment of coal from Australia.

Member for Bathurst Paul Toole and Member for Upper Hunter Dave Layzell have called for more clarity on the future closures of coal mines in New South Wales.

Toole and Layzell have asked the New South Wales Government to guarantee no mines will be closed as a result of royalty changes in the state.

“The current royalties’ regime already ensures mining companies pay their fair share, with higher coal prices delivering record royalties receipts in the recently ended financial year,” Toole said.

“There is no justification for raising royalty rates at a time when coal prices have moderated.”

The announcement comes just a week after Glencore became the latest stakeholder to engage with the NSW Government, as the state considers ways to manage runaway electricity prices.

“Glencore urges the NSW Government to engage the coal sector in a genuine two-way consultation process after signalling changes to the coal price cap and the coal royalty rate system,” the company said in a statement.

“The coal price cap is very poor public policy and shows that flawed market interventions by Government pose serious domestic and international reputational risks.”

At the close of the 2023 financial year, electricity prices have risen almost 30 per cent in many parts of the country.

“The NSW Government will consider all options to keep electricity bills down as we approach the end of the coal price cap,” NSW Treasurer Daniel Mookhey said.

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