The Australian mining industry is worried over what it sees as a sudden change in the rules through the Mabo decision in June last year. The uncertainty is affecting present and future investment in Australia.
The industry’s advertising campaign a year ago illustrated the importance of mining to Australia. Recently, it contributed about $4.5 billion a year to government coffers. It spends $800 million a year in exploration and produces about $11,000 million in non-fuel minerals, aside from all the benefits in wages and community facilities.
Now, it says, changes to the rules on land tenure jeopardise that. Miners simply do not know where they stand on exploration and exploitation of minerals. Who owns the land and the minerals in it since Mabo? They want a return to certainty.
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