Australia’s resource-rich state of Queensland hiked taxes on coal miners on Tuesday, aiming to raise up to A$1.6 billion (US$1.66 billion) in extra revenue, just a day after miners announced cutbacks to deal with falling prices and rising costs.
Top global miners BHP Billiton and Xstrata said on Monday they were cutting output and shedding about 900 jobs at high-cost mines, the latest in a series of cutbacks and investment delays sparked by slowing growth in top consumer China.
The hike in royalty rates drew a predictable response from the mining industry.
via Business feed http://www.scmp.com/business/companies/article/1034098/queensland-targets-coal-miners-budget
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