New South Wales coal royalty increase
Media statement
Sydney, Australia
Glencore is very disappointed that the New South Wales (NSW) Government has decided to significantly increase coal royalties in NSW.
We strongly believe that the State is already earning a fair return for its resources and that the coal industry’s contribution to the NSW economy goes way beyond royalties.
It is very important that the NSW Government is not dismissive of the contribution of the coal sector to the State economy or the role our companies play in providing jobs, supporting communities and local businesses.
Last year, Glencore’s coal business alone contributed $8.1 billion to the NSW economy and work for 6,320 employees and contractors.
While Glencore is against the increase in coal royalties, we do acknowledge the consultative approach adopted by the Minns Government with the coal industry to arrive at an outcome.
We support the NSW Government’s decision not to extend the coal price cap and coal reservation measures in NSW, this was bad public policy from start to finish which did not achieve its stated objective of reducing power prices.
The Minns Government now needs to provide much needed policy clarity for the treatment of future coal mine investment and approvals as part of delivering on its coal royalty expectations.
For further information, please contact:
Francis De Rosa
m: +61 417 074 751
e: Francis De Rosa
Elise Pfeiffer
m: +61 408 095 530
e: Elise Pfeiffer
Notes for editors
About Glencore Australia
In Australia, Glencore produces coal, copper, cobalt, nickel, zinc, lead and silver from 23 mining operations. We also operate metals processing assets in Queensland, New South Wales, Western Australia and the Northern Territory, including metals smelters, concentrators and refineries.
We are among Australia’s largest producers and marketers of natural resources, connecting Australian resources with industrial customers around the world. Through our diverse portfolio, we responsibly supply the resources that advance everyday life.
We employ 18,190 people in Australia and in 2022 contributed nearly $20 billion to the regional, state and national economies. This included spend of $10.4 billion with 7,370 businesses across the country, as well as $7.5 billion in government tax and royalty payments.
We are committed to providing a safe, inclusive and respectful workplace for our people, to respecting the environment, to engaging openly and constructively with the Traditional Owners on whose lands we operate and to bringing value to local communities.
Glencore recognises our responsibility to contribute to the global effort to achieve the goals of the Paris Agreement. Our ambition is to be a net zero total emissions company by 2050. In August 2021 we increased our medium-term emission reduction target to a 50% reduction by 2035 and introduced a new short-term target of a 15% reduction by 2026.
Learn more about Glencore Australia.