Raises the question: If China steel mills by our coal mines... will the coal be sold below market market price to minimalise tax and royalties. They will become private companies and accounts not available to the public.
Indian steelworks developed the massive Carmichael coal mine in QLD's Galilee Basin. All coal exported to India. It has been operational since Dec 2021. Does anyone know how 'profitable' it is.
Somehow this mine does not pay royallty payments!... see last sentence below.
From Wiki:
'In November 2020, Adani changed the name of its Australian subsidiary, which operates the mine, from Adani Mining to Bravus Mining & Resources.[13]
In 2014, the QueenslandLiberal National Partystate government proposed reduced taxes for the project in the form of an open-endedroyalty rate"holiday",[69]and for taxpayers to pay for the sediment dumping facility in the Caley Valley wetlands.[70]The Labor opposition criticised the secrecy surrounding the costs and suggested that up to $1.08 billion of public money would be required.[71]
Following the QueenslandLabor Party's victory in the 2015 state election, the Labor party vowed to not use state funds for the railway line,[72][73]however the party called on the AustralianLiberal National governmentto use federal taxpayer money for the railway line.[74][75]The federal government considered the proposal,[76]however in the end it was not successful.
In October 2020, the Queensland Labor Party government announced that the royalties deal for the coal mine had been signed.[77] The deal includes deferring royalty payments for an unspecified period.[78]
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