Posted on 10/12/2010 7:09:46 AM PDT by epithermal
PERTH (miningweekly.com) – Australia is about to embark on its biggest mining investment boom since the 1850s Gold Rush, Deputy Prime Minister and Treasurer Wayne Swan told investors in the US this week.
The Australian Bureau of Agricultural and Resource Economics estimates the current pipeline of resources projects in Australia is nearly A$360-billion. A$110-billion of that is in advanced projects.
Swan said in a speech delivered at the NYSE that Australia was picking up the pace of its economic reform to make the country an "even more" attractive investment destination.
(Excerpt) Read more at miningweekly.com ...
US mining equipment manufacturers are all over Down Under.
All this, for China
Not with the socialist PM and the mining tax.
I never understood why mining didn’t pay royalties like oil and gas production.
I believe the 1872 mining law allows miners to patent their claims if proved up. Then their claims became private property which was taxed by local governments. So, in effect they do pay royalty. I may be wrong on this, but I know the mining companies pay their fair share of taxes.
Oil and Gas facilities also pay the local taxes.
It remains confusing to me why they are treated differently.
Because oil, gas, and coal are evil. See it’s simple, it’s like a sin tax.
So why doesn’t coal get a similar royalty charge?
Not all evils are equal I guess.
I am no expert, and I need to read up on it again, but I think it has more to do with the prevailing politics of each period. The mining industry is relatively older than the oil industry, so there was less precedent to guide the laws then. Also, government back then was attempting to promote population of the west, so mining was encouraged. I know there is a lot of reading on the subject if you Google 1872 mining law. A lot of it is put up by envirowackos who are trying to repeal the law.
It is interesting to note that the USA, I believe, is the only nation that allows private citizens to own mineral rights. It has served to promote entrepreneurs and capitalism rather well.
I can only look at the liberal mind and speculate.
It’s tragic to see that great nation becoming just another mining colony for China.I fear that Australians may someday come to regret that transformation.
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