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Australia state kills plan to hike gold mining tax over job fears

Posted by ipso facto @ 11:07 on October 10, 2017  

Legislators in an Australian state on Tuesday blocked a proposal to raise hundreds of million of dollars in additional taxes on gold mining after the industry warned the step would spark job losses.

The Labor government in the state of Western Australia wanted to lift royalty rates on gold sales to 3.75 percent from 2.5 percent to raise nearly A$392 million ($305 million) over four years and help repair a budget weighed down by a record deficit.

But the bill was effectively killed after Liberal Party members of parliament voted to block the measure in the state’s upper house.

“The notion that this increase would not have a negative impact on the sector was nonsense,” said Ian Kemish, a spokesman for Newcrest Mining Ltd, which employs 1,550 workers at its Telfer mine in the state.

more http://www.mining.com/web/australia-state-kills-plan-hike-gold-mining-tax-job-fears/

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Post by the Golden Rule. Oasis not responsible for content/accuracy of posts. DYODD.