8/16/2023 0 Comments Epoch movie box office![]() Royalties Expected to Fall after 2030 Under Current SchemeĪccording to the task force, royalties are expected to fall “by a significant margin” after 2030, when the territory’s two large mines are expected to close. “This transition of mining away from being a primary industry will deliver positive externalities beyond purely economic ones and is the mining industry’s critical and necessary contribution to achieving a $40 billion economy.”Īround 3,500 people in the NT are employed in the mining sector, while the total value of mineral production in the NT was $4.86 billion for 2021–2022. ![]() “Securing new producing mines and increased Territory based minerals processing and value addition will be critical to economic growth, industry diversification, labor force expansion and productivity,” the report states. The NT government has said that it accepts all the recommendations in principle. ![]() The nine measures include the change in royalty schemes, as well as the speedy development of new mines, streamlined and transparent access to land that respects landowners, simplified regulatory processes, and the development of a new rural-based workforce. In a December 2022 report (pdf), the NT’s Mineral Development Taskforce identified nine measures that could help the NT realize its goal of being a $40 billion economy by 2030. “Right now, we are in a position to set our course for a mining industry that is not only profitable to the Northern Territory economy but also supports the energy transition to renewables,” she said. Royalties from the mining industry are the biggest source of income for the NT, having contributed more than 41 percent of the territory’s income in 2019-20. “Royalties are the biggest source of revenue, and we want the best deal not only on the amount of royalties but also the economic benefits mining generates throughout the Territory, especially in our regional and remote areas.” “Mining is one of the key drivers of the Northern Territory economy, and we must stay contemporary and competitive to attract more new mining investment,” Manison said in a June 22 statement. Nicole Manison, the NT’s Minister for Mining and Industry, said the NT must change its current scheme to remain competitive. The proposed new scheme, called an ad valorem-based royalty scheme, has been described as “simple,” and delivers “investment certainty.” The Northern Territory (NT) is looking to replace its current mining royalty scheme with one that is more competitive following a report that found it to be a deterrent to investment.Ĭurrently, the territory is looking at changing its profits-based scheme to one that is based on the underlying value of the extracted assets. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |