The Palaszczuk Government’s first Royalty Deferral and Repayment Agreement to support the development of New Century Zinc Mine should be a model for other projects to attract more investment and create more jobs, Queensland Resources Council (QRC) Chief Executive Ian Macfarlane said.
Mr Macfarlane said the Agreement was under the Government’s 2017 Resources Regional Development Framework for new developments in the North-West Minerals Province and Galilee and Surat basins and QRC welcomes the Government’s acknowledgement it would “provide a precedent for similar arrangements in the future”.
“The resources sector is projected to pay more than $5.4 billion – or more than $100 million every week – in royalty taxes to the Queensland Government this financial year,” he said.
“Royalties paid to the Queensland Government have more than doubled over the last five years, up from $2 billion in 2014-15.
“The Agreement means royalties will be paid in full and with interest, but it also recognises the role of flexibility in application of a stable royalty policy can support the development of new projects, generating new investment, new exports and new jobs for Queensland.”
Mr Macfarlane said projects can also support the development of common-user infrastructure, such as with the New Century Zinc project the continued dredging of the Port of Karumba, making the Port available for other commercial users including the cattle industry.
Deputy Premier, Treasurer and Minister for Aboriginal and Torres Strait Island Partnerships Jackie Trad said New Century was a great example of what the RRDF can achieve.