NSW mining sector on track to pay record royalties
NSW mining sector is on track to pay record royalties this calendar year, signaling industry resilience thanks to COVID-19 and confirming the importance of mining to regional communities and the state economy.
Deputy Prime Minister and Minister responsible for Resources Paul Toole said a bumper year largely due to high coal prices would see mining projects in New South Wales generate an estimated $ 2 billion in royalties. ‘by the end of 2021.
Mr Toole said that if the projections are correct and current trends continue through December 31, NSW will see its largest resource sector royalty contribution since 2018; the only other time in history that NSW has received $ 2 billion or more in royalties in a calendar year.
“We have seen strong global demand for our coal and metals, which has resulted in high prices and contributed to a record year for the New South Wales mining industry, despite the challenges of COVID-19,” Mr. Toole said.
“While mining has remained relatively stable throughout the pandemic and has kept people in direct and indirect jobs, NSW is on track for a record royalty return just in time for Christmas, and that will have benefits for communities. ”
Mr Toole said the NSW government is also working to ensure a strong future for exploration and mining projects that will continue to support the state’s economy and generate new job opportunities in the regions for decades to come.
“This week, we will notify 20 successful applicants that they will receive a share of the fourth round funding of the $ 2.2 million New Frontiers cooperative drilling program to explore critical minerals and high-tech metals, including the copper and gold, ”Mr. Toole said. .
“We are also publishing a New South Wales Mining Investor Register which will be regularly updated and bring together the essential information investors need on emerging projects in NSW.
“Mining royalties in NSW, now and in the future, will enable the government to respond quickly in times of crisis, to reduce the debt of future generations and to be reinvested in our regions through programs such as Resources for Regions and Royalties for Rejuvenation. “