Queensland government strikes new deal with Bravus to defer royalties, expand Carmichael coal mine

ABC NEWS (Australia)

The Queensland government has granted a coal royalty deferral to mining giant Bravus, formerly known as Adani.  The company will have to pay back the deferred amount at the end of the deal with interest but the details of the agreement are being kept secret.

Transcript

00:00The Premier given the go-ahead to a royalty holiday for a mining multinational.

00:07Braavis, formerly known as Adani, will invest $50 million into central Queensland's Carmichael coal mine.

00:15That money will be used to expand the workers' village, create a new dam, a rail network hub for maintenance and additional engineering works.

00:24It's a huge vote of confidence in the sector that everyone can reverberate across all of the industry.

00:30Coal royalties have been deferred, but the government won't reveal the details it says are commercial in confidence, blaming its predecessors.

00:39Cameron Dick can explain why that was all done commercial in confidence.

00:43I'm giving you transparency. I'm telling you that the deal that was signed is being honoured with one change.

00:48And that change is, in order to end hostilities, they're going to increase the size of this mine by a third and employ another 600 people.

00:55The former Labor government inked a deal for Adani to defer payments in 2020.

01:00That never eventuated, caught up in legal proceedings which the Treasurer says have now ended.

01:06Braavis will repay every dollar to the Queensland people with interest. That is locked in.

01:15That interest rate and when Queenslanders will see the money is under wraps.

01:19Shadow Treasurer Shannon Fentiman has labelled the agreement a secret sweetheart deal,

01:25questioning how the Premier can guarantee the royalties will be repaid, given Braavis has made a loss of $800 million in the past two years.

01:34The

Category

Transcript

Be the first to comment

Recommended