https://www.miningweekly.com

Western Australia govt extends helping hand to struggling Atlas

29th May 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

The Western Australian government last week extended a helping hand to struggling iron-ore miner Atlas, with Mines and Petroleum Minister Bill Marmion saying Atlas would receive support in the form of a 50% rebate on eligible hematite iron-ore royalties for up to 12 months, subject to the ore price remaining below an average of A$90/t over the period.

The company was only the second miner to receive the offer, following in the footsteps of junior BC Iron in April this year. “While our relief scheme effectively defers half of a miner’s royalty obligations for a year, it’s important to note that the remaining 50% continues a significant royalty flow to the state,” the Minister said.

“In the case of Atlas, the scheme no doubt reinforces the company’s capacity to keep operating, helping secure the livelihoods of hundreds of Western Australian families,” Marmion said.

The Minister noted that the company had taken significant steps to remain operational, adding that the royalty relief would likely build on the extensive efforts already made.

Atlas MD Ken Brinsden said that, as a result of the relief programme, Atlas would be able to access a cash refund of about A$12.5-million for royalties paid in the December 2014 and March 2015 quarters upon final processing of its quarterly applications in late June.

Edited by Martin Zhuwakinyu
Creamer Media Magazine Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Willard
Willard

Rooted in the hearts of South Africans, combining technology and a quest for perfection to bring you a battery of peerless standing. Willard...

VISIT SHOWROOM 
SafeQuip
SafeQuip

SafeQuip is a leading distributor and manufacturer of fire safety solutions, offering a comprehensive range of products designed to meet all...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.045 0.568s - 110pq - 2rq
Subscribe Now