Gold miners take hit as Western Australian government breaks royalties promise

Section:

By Paul Garvey
The Australian, Sydney
Thursday, September 7, 2017

Western Australia's gold miners will cop a 50 percent hike in gold royalties under new measures announced by the state's government today.

Treasurer Ben Wyatt revealed that the state's gold producers would pay a 3.75 percent royalty, up from the existing 2.5 percent, as part of efforts to bring the state's budget back under control.

The state's gold miners will also be hit by a hike in payroll tax, which will apply to the biggest 1,200 or so companies in the state.

Mr. Wyatt said the measures were likely to cost the miners an extra $20 per ounce of production and will deliver the state an additional $392 million in revenue over the forward estimates. ...

The gold royalty hike represents a broken promise for Western Australian Premier Mark McGowan, who while in opposition had strenuously argued against the exact same royalty rise when it was proposed by then-Premier Colin Barnett. ...

... For the remainder of the report:

http://www.theaustralian.com.au/business/mining-energy/gold-miners-to-ta...



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