On the tail of BHP’s (ASX:BHP) move to cut jobs across Queensland operations, the Queensland Resources Council (QRC) is urging the state government to reform the coal royalty regime.
BHP intends to place one of its mines in care and maintenance, as well as reviewing the legibility of the Future Fit Academy in Mackay, culling around 750 jobs across the state as reported by Mining.com.au earlier today (17 September).
QRC CEO Janette Hewson describes the news as “devastating” for those affected and greater Queensland.
“The impact of the royalty tax increase coupled with a drop in coal prices and soaring production costs is simply making it unviable for many coal producers in Queensland to continue operating,” Hewson says.
“Queensland can’t afford to continue with a bad policy that will cost more jobs and weaken our state’s economy.”
Coal is currently priced at US$101.75 ($152) per tonne as at 12pm AEST today, representing a 0.25% increase today, according to Trading Economics.
Gold is trading at US$3,677 per ounce with copper trading at US$4.59 per pound.
WTI Crude oil is selling higher for US$64.43 per barrel while Brent oil is up again at US$68.44 per barrel.
Iron ore is valued slightly lower from yesterday’s market open, currently at US$105.42 per ton.
Write to Maddison Elliott at Mining.com.au
Images: Queensland Resources Council
