Western Australia Launches Relief Package for Iron Ore Miners

Mining Weekly reported that the fall in the commodities prices has led the Western Australian government to launch a relief package for junior iron ore miners.

As quoted in the market news:

The state government said it would make temporary assistance available to junior iron-ore miners on a case-by-case basis as they restructure operations in challenging market conditions.

Premier and State Development Minister Colin Barnettand Mines and Petroleum Minister Bill Marmion said the assistance would be in the form of a 50% rebate on eligible haematite iron-ore royalties for up to 12 months, subject to the iron-ore price remaining below an average of A$90/t over the period.

Premier and State Development Minister Colin Barnettand Mines and Petroleum Minister Bill Marmion stated:

This is a responsible and carefully considered move and comes on the back of a 48% fall in iron-ore prices since January 2014.

The iron-ore industry plays a hugely important role in the Western Australian economy, accounting for 56% of the state’s exports and employing more than 61 000 people in 2013/14.

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