NT royalty hike ‘threat to investment’
A drill rig at Mount Peake mine, under development in the Territory. Image: TNG. BY ELIZABETH FABRI THE resources industry has given the Northern Territory’s revised mining royalty plan the thumbs down, claiming a new system will jeopardise future investment and put jobs at risk. Introduced as part of the 2018 Territory Budget, the new hybrid royalty scheme, effective from 1 July 2019, will force all operating mines to pay increased royalties. This includes paying the greater of the existing 20 per cent profits-scheme or a minimum value-based royalty on their gross mineral production revenue as soon as they start operating – 1 per cent in a mine’s first year, 2 per cent in its second, and 2.5 per cent…