Royalty sting for WA gold miners
The State Budget decision will see gold miners pay an increased royalty rate of 3.75 per cent when the Australian gold price is above $1200. BY ELIZABETH FABRI THE McGowan Government’s decision to increase royalty rates for WA gold miners has been labelled a “disappointing move” by the Chamber of Minerals and Energy of WA (CME) and a “baffling cash grab” resulting in potential job losses and mine closures by the Association of Mining and Exploration Companies (AMEC). Under the Budget, from January next year gold miners will pay a tiered royalty rate of 3.75 per cent when the Australian gold spot price is above $1200, or the current rate of 2.5 per cent if at or below $1200. Australian…