Coalition to block Victorian gold royalty
THE Victorian Liberal National Coalition will block the Andrew’s Government’s planned 2.75pc gold royalty when it is tabled in the state parliament. Introduced at the May budget, the royalty shocked the emerging Victorian gold industry which had seen something of a renaissance since 2015, with Kirkland Lake’s (ASX: KLA) Fosterville gold mine becoming Australia’s most lucrative pure-play gold mine. While a gold royalty applies in all other states, there was concern that it would cripple vital early investment in Victoria. Although the industry has said it was not opposed to a gold royalty, it said proper consultation on its structure was needed, and that it be introduced over three years. But successful opposition of the tax will be hard fought.…