FMG chief open to new State agreements
■ Fortescue Metals Group chief executive Nev Power has entertained the idea of rethinking State agreements so long as they don’t damage investor confidence.
Mr Power said the “old” State agreements did not reflect modern standards desired in the mining and resources industry.
“I think there is a very good reason to open those up and look at them again,” he said.
“At the same time though I think we need to be very careful that it is done in a very productive way so there isn’t an issue created around sovereign risk or lack of certainty in our industry.
“Our industry requires very large investments of capital and we want to make sure there is certainty for that investment.”
Mr Power would not directly answer whether or not he would be happy to see mining companies pay more.
“We have a wide variety of taxes, charges and fees levied on us as a company and we are happy to pay those so provided they are fair, just and balanced to what everyone else is paying in the community I think that is appropriate,” he said.
Local governments and politicians in the Pilbara were angered earlier this year when the State Government forced them to lower the rates they were intending to charge for TWA camps in their 2015-16 budgets.
Fortescue Metals Group chief executive Nev Power.