Queensland Premier Promises Stable Royalty System

The Age reported that Campbell Newman, the premier of Queensland, has promised a more stable royalty framework for the region after increasing royalties last year.

As quoted in the market news:

The Australian coal sector has been struggling due to lower commodity prices, high costs, union disputes and even flooding in recent years, and Mr Newman added to those challenges in 2012 when he increased coal royalties for miners.

The move angered miners and prompted some such as Xstrata to suggest that more than 30 per cent of Australian coalmines were unprofitable.

Mr Newman used his appearance at Daunia to reassure BHP and Mitsubishi that there were no more royalty slugs looming.

Click here to read the full report from The Age.