CME warns of royalty-induced mine closures, 3 000 job losses

October 3, 2017

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The Western Australian Chamber of Minerals and Energy (CME) on Tuesday warned that about 3 000 jobs would be on the line if the state government moved ahead with its proposed hike in gold royalties, while some mines were also facing closure.

The Western Australian government announced a 50% increase in royalty charges in its stage Budget earlier this year. The current 2.5% rate will apply for each month when the gold spot price is A$1 200/oz or less, and an increased rate of 3.75% will apply when the gold spot price is above A$1 200/oz.

Category: General