QRC report confirms mining confidence, warns against policy

Queensland Resources Council (QRC) member companies are remaining confident about the continued strong demand for the State’s commodities.

Despite this, the companies have identified government policy and regulatory uncertainty as the biggest concern for the resources sector.

QRC chief executive Janette Hewson says the report shows there is good reason to be optimistic about the future of Queensland’s resources industry.

“As the State Election approaches, our message to all political parties is that balanced, stable and consistent policy settings are critical to securing the investment that will ensure the resources sector can continue to underpin Queensland’s economic prosperity in the decades ahead,” she said.

“The global energy transition is presenting new opportunities for all Queensland’s resources, from coal, gas, metals and critical minerals.”

The QRC is calling on all potential parties to listen to concerns about the damage being caused to Queensland’s reputation as a stable place to invest by inconsistent regulation and the introduction of the world’s highest coal royalty tax rates.

“The royalties increase has added to rising operating costs, which have been identified by member companies as another significant concern for the industry,” Ms Hewson said.

The QRC’s State of the Sector report also confirmed the progress a growing number of resources companies are taking to reduce and waste across operations.

“50% of chief executives say their companies already use renewable energy to power parts of their operations and 67% plan to make further investments to reduce emissions,” Ms Hewson said.

“Companies are continually looking at new ways to reuse or recycle with 36% saying they’ll be making further investments on new initiatives.”