Mining will deliver a multi-million budget boost for New South Wales, according to the recent mid-year budget review by the state Treasury. The review increased the Treasury’s estimate for mining royalty revenue by AUS$206 million over the years to 2019-2020.
This includes an AUS$108 million royalty revenue boost in the current 2016-2017 financial year, with a further additional AUS$98 million to be collected over the following three years.
The AUS$108 million boost this year will take total mining royalties to over AUS$1.36 billion, said Stephen Galilee, CEO of the NSW Minerals Council, in a statement.
“Coal continues to be our state’s most valuable export, and mining activity underpins the economic strength of much of New South Wales,” Galilee said. “The mining regions of the Hunter, Illawarra and Central West of New South Wales contribute so much to our state and, with an upturn in commodity prices, we hope to see this contribution grow in 2017.”
Since the beginning of the year, coal prices has been among the best performing commodities with prices for metallurgical coal tripling and those for thermal coal almost doubling.
Read the article online at: https://www.worldcoal.com/cbm/15122016/mining-boosts-new-south-wales-budget/