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The Queensland government is cashing in $1.2 billion three years early, cementing its decision to hike up mining royalties. According to Queensland Resources Council (QRC), the industry has made $800 million in six weeks and is anticipated to generate the four-year target by the end of this monthTreasurer Cameron Dick increased royalties on mining companies in June’s budget – to invest in the state’s healthcare – with the decision sending mining share prices plunging by up to 40 per cent.
The government had a 10-year rate freeze with coal mines paying 15 per cent at $150 per tonne under the old royalty scheme. However, the increase to Queensland’s coking coal which sells for about $500 per tonne has led to the introduction of a new tiered structure.