9 Oct 2010

Mineral industry concerned at planned changes

7:54 pm on 9 October 2010

Leaders of the minerals industry say proposed changes to their sector could drive people away, instead of attracting them as intended.

The comments have been made by Straterra which represents extraction industries, such as oil and gas drillers and coal or metal mining companies.

The Government wants to update the 20-year-old Crown Minerals Act to encourage economic growth, cope with new technologies, remove unnecessary costs and bring clarity to the system.

But Straterra says the proposed changes could increase uncertainty for businesses, making it more difficult to attract and retain investment capital.

The difficulty would stem from reforms making it possible for future governments to change the rules, halfway through a mining operation's life cycle.