Coal mine royalties signed off

THE state government has finally struck a royalties deal with Adani for its controversial Carmichael coal mine.

The government and the Indian miner have signed the agreement, which was struck this week.

It is understood a deferral program is in place as part of the royalties arrangement.

Treasurer Cameron Dick yesterday insisted that Adani would pay every dollar owed through the deal, and with interest.

Confirming the deal, he said the terms “are consistent with the resources regional development framework that formed the basis of the royalties agreement with the Century zinc mine last year”.

“But I can assure you that Adani will pay every dollar in royalties that they have to pay to the people of Queensland and the taxpayers of Queensland with interest,” he said.

The deal comes less than a week before the state election campaign officially kicks off, with Labor and the LNP expected to target several regional seats.

Labor has been spruiking its commitment to the resources industry this week, including announcing the final approvals for the Olive Downs coal mine.

Adani received final approvals from the government for the scaled-back $2bn project in June last year, following a nine-year battle.

An Adani spokeswoman said the project would generate billions of dollars in mining taxes and royalties that would go to the federal and Queensland governments in the first 30 years of operations. Construction was on track to produce coal in 2021, she said.

Greens MP Michael Berkman accused the government of giving Adani a “tax break with a royalties holiday”.