Australia's new tax hike angers miners and may hit projects | MINING.com:
Australia's mining giants are threatening both the government of Queensland and the federal authorities with dropping all of their new projects in response to the state's surprise increase in coal mining royalties.
Over the next four years Queensland hopes to raise $1.6 billion through taxes to ease a nearly $11 billion deficit. The industry will see a jump from 10% to 12.5% for every tonne of coal sold between $100 and $150. Coal traded over that price will be taxed 15%.
The announcement came only a day after giant miners such as BHP Billiton (ASX:BHP) and Xstrata Coal (LON:XTA) said they would shed workers, close mines and delay projects due to the difficult economic conditions affecting the coal industry.