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Legislative Council - Fifty-First Parliament, Third Session (51-3)
2009-06-02 Daily Xml
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MINING PROJECTS

The Hon. R.L. BROKENSHIRE (14:48): I have a supplementary question, Mr President. In the minister's comprehensive answer there was one answer that was not given, and that was the amount of royalties being generated. Can the minister advise the council of the amount of royalties in dollar terms?

The Hon. P. HOLLOWAY (Minister for Mineral Resources Development, Minister for Urban Development and Planning, Minister for Small Business) (14:48): One of the ways in which this government has encouraged mining in South Australia was to develop a royalty regime which encouraged new investment in mining, and that royalty regime passed this council four or five years ago, if I recall correctly. The royalty rate is 1.5 per cent for the first five years for a new mine (and, of course, Prominent Hill is very much a new mine). Thereafter, the royalty reverts to 3.5 per cent which, for base metals, is on a par or in about the middle of the levels elsewhere in Australia. So, the royalty rate will be 1.5 per cent for the first five years of production, increasing to 3.5 per cent. That is based on the value.

As for the actual dollar value, clearly, that will depend on the level of production. If the honourable member wants further information, I will take that on notice.

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