NSW mining sector on track to deliver record royalties for Christmas
The NSW mining sector is on track to deliver record royalty payments this calendar year, signalling the industry’s resilience through COVID-19 and confirming the importance of mining to regional communities and the state’s economy.
Deputy Premier and Minister responsible for Resources Paul Toole said a bumper year driven largely by high coal prices will see mining projects in NSW deliver an estimated $2 billion in royalties by the end of 2021.
Mr Toole said if projections are correct and current trends continue through to 31 December, NSW will see its largest royalty contribution from the resources sector since 2018; the only other time in history that NSW has received $2 billion or more in royalties in a calendar year.
“We have seen strong global demand for our coal and metals which has led to high prices and contributed to a record year for the NSW mining industry, despite the challenges of COVID-19,” Mr Toole said.
“While mining has remained relatively stable throughout the pandemic and kept people in direct and indirect employment, NSW is on track for a record royalty return just in time for Christmas, and that will have flow-on benefits for communities.”
Mr Toole said the NSW Government is also working to secure a strong future for exploration and mining projects that will continue to support the state’s economy and generate further job opportunities in the regions for decades to come.
“This week we will be notifying 20 successful applicants that they will receive a share of funding from round four of the $2.2 million New Frontiers Cooperative Drilling program to explore for critical minerals and high-tech metals, including copper and gold,” Mr Toole said.
“We are also releasing a NSW Mining Investor Register which will be regularly updated and brings together essential information investors need about emerging projects in NSW.
“Royalties in mining in NSW both now and into the future will allow the government to respond quickly in times of crisis, help to lower debt for future generations and be reinvested back into our regions through programs like Resources for Regions and Royalties for Rejuvenation.”