Deepening investment uncertainty, exhaustive delays in environmental approvals and the proposed introduction of rigid and costly industrial relations laws are combining to blunt Australia’s ability to fully capitalise on this once in multiple generation mining boom, a new report found. The Minerals Council of Australia (MCA) on Monday released its Future Critical report, which highlighted the role minerals and resources would play in the Australian economies and communities, and the risks of missing what looms as a golden opportunity to secure Australia's prosperity for decades to come.
PERTH – Deepening investment uncertainty, exhaustive delays in environmental approvals and the proposed introduction of rigid and costly industrial relations laws are combining to blunt Australia’s ability to fully capitalise on this once-in-multiple-generations mining boom, a new report found.
“The report highlights the compounding investment risks associated with the construction and development of a new mine site, and the cost to the economy of any delays.
The report noted that mining capital stock has plateaued at A$933-billion over the last five years. However, the sector remains a significant contributor to the economy, with resource export generating revenues of A$2.4-trillion, the sector paying A$252-billion in wages from 2012/13 to 2021/22, and contributing A$295-billion in taxes and royalties.
“While Australia has the attributes, the workforce, the expertise, and the array of deposits required to be a leading global supplier of the critical minerals, governments have a critical role to play.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Filmmakers Fight Back Against Deepening Chill in Viktor Orban’s Hungary: ‘People Have Nothing to Lose’On the surface, it looks like any other teenage love story: Abel, an absent-minded high-school student in Budapest, hopelessly pines for his best friend, Erika, dreamily staring out the classroom w…
Read more »
An attack on a Chinese mining convoy carrying gold in Congo leaves 4 dead, authorities sayAuthorities say an attack on a Chinese mining convoy transporting gold in northeast Congo killed four people, including two Chinese nationals.
Read more »
An attack on a Chinese mining convoy carrying gold in Congo leaves 4 dead, authorities sayAuthorities say an attack on a Chinese mining convoy transporting gold in northeast Congo killed four people, including two Chinese nationals
Read more »
Bitcoin Miner Canaan's Q2 Mining Revenue Surges by 43%, Net Loss Increases by 31%: ReportCanaan's Bitcoin mining revenue saw a 43% increase compared to the first quarter of 2023.
Read more »
Albemarle Raises Bid for Australia’s Liontown Resources to $4.25 BillionThe deal would be one of the largest in the lithium-mining industry.
Read more »
Non-Tesla Supercharger Pilot Program Spreads Through AustraliaThis week, Tesla significantly expanded its Non-Tesla Supercharger Pilot program in Australia, including about 30 stations.
Read more »