Glencore, one of the largest coal miners in NSW, is urging the state not to hike coal mining levies in a “revenue grab”, as the Minns government mulls following Queensland’s lead on higher coal royalties. The NSW government signalled a shake-up of coal royalty payments last week amid a broader consultation with the market on how to dent electricity prices after the coal price cap expires mid-next year.
The Switzerland-based miner and commodity trader, which reported 2022 full-year profits of $US34 billion ($51 billion) driven by soaring coal prices, warned the NSW government against changes to the royalty scheme.