Rinehart Hits Out at Government Costs

Thursday, March 12th, 2015
liked this article
Siemens – 300×250 (Expires October 31st 2017)
gina reinhardt
FavoriteLoadingsave article

Mining billionaire Gina Rinehart has lashed state and federal governments for imposing too many costs on the mining sector amid a commodity price downturn.

Ms Rinehart’s $US10 billion ($A13.19 billion) Roy Hill iron ore project is 76 per cent complete and is expected to begin shipping exports in six months.  Since construction began, the price of iron ore has plunged, hitting a new six-year low this week, as the major producers continue to increase supply.

Ms Rinehart said governments need to do their bit in adjusting to the changing economic environment and improving Australia’s competitiveness.

“They need to cut back on over-regulation, licences and compliance costs which just push up the costs of mining in this country and give competitor nations with lower costs a better chance,” she told reporters at an iron ore conference on Wednesday.

“Do they want to see West Australia continue to deliver nearly 50 per cent of our nation’s export revenue and 16 per cent of its GDP (gross domestic product), and all the benefits such tax revenue brings?

“If so, with seriously declining commodity prices, they should be urgently and significantly addressing these onerous governmental burdens.”

Ms Rinehart said the Roy Hill project has had to meet more than 4,000 approvals, permits and licences.

FavoriteLoadingsave article


 characters available
*Please refer to our comment policy before submitting