Queensland’s 10-year energy plan aims to move away from coal-fired power reliance by 2035, but huge amounts of coal will still be produced and exported.<\/p>\n
In a statement to the Australian Stock Exchange on Wednesday, the mine owner announced that it had failed to make arrangements with its two largest creditors, BUMA Australia and the Queensland Revenue Office (QRO).<\/p>\n
It said a decision to appoint administrators came after its request to the QRO to defer royalty payments was rejected.<\/p>\n
The company’s board stated the decision “reflects the current challenging environment for the coal industry in Queensland from higher costs, lower global coal prices and higher royalty rates introduced by the Queensland government in 2022”.<\/p>\n
The Queensland Resources Council said operating conditions in the coal industry had become extremely difficult.<\/p>\n
“The announcement will cause deep uncertainty for hundreds of Queensland workers and their families who face the prospect of losing their jobs if the Burton Mine closes permanently,” chief executive Janette Hewson said.<\/p>\n
Janette Hewson says falling coal prices are impacting the industry. (Supplied: Queensland Resources Council)<\/p>\n
She said other mining companies could face similar struggles, with coal prices falling close to 17 per cent lower than they were a year ago.<\/p>\n
“Energy and production costs have risen significantly for coal producers while coal prices are stubbornly low and Queensland producers are paying the world’s highest coal royalty tax rates,” Ms Hewson said.<\/p>\n
“QRC is aware of other mining companies operating in Queensland experiencing difficulties attributable to the same factors.”<\/p><\/blockquote>\n
BUMA Australia declined to comment.<\/p>\n","protected":false},"excerpt":{"rendered":"A mining giant in charge of a steel-making coal mine in north Queensland’s Bowen Basin has entered liquidation…\n","protected":false},"author":3,"featured_media":105023,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[5672,67612,67613,67614,67617,746,420,67615,67618,67616,159,67,132,68],"class_list":{"0":"post-105022","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-environment","8":"tag-administration","9":"tag-bowen-coking-coal","10":"tag-buma","11":"tag-burton-coal-complex","12":"tag-coal-mining-royalties","13":"tag-environment","14":"tag-jobs","15":"tag-mcgrathnicol","16":"tag-queensland-resources-council","17":"tag-queensland-revenue-office","18":"tag-science","19":"tag-united-states","20":"tag-unitedstates","21":"tag-us"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/114942667864355434","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/105022","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=105022"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/105022\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/105023"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=105022"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=105022"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=105022"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}