Australian resources firm BHP has cut all investment in its Queensland coking coal business, in response to the state government’s coal royalty rate increase and China’s continuing ban on imports of Australian coal.
“We are not going to deploy any major capital into the Queensland coal business following the change in the Queensland royalties,” BHP chief executive Mike Henry told analysts.
The Queensland government introduced new upper tiers to its coal royalty regime from higher prices from 1 July, including a top rate of 40pc on the portion that is sold above A$300/t ($211/t).
Retrieved from:
https://www.argusmedia.com/en/news/2361366-bhp-cuts-australian-coking-coal-investment?backToResults=true