Australia considers tax credit for minerals processing, says industry group
MELBOURNE - The Australian government is considering a tax credit for companies that build processing facilities to boost the value of green energy minerals such as nickel and lithium, the head of a mining industry association said on Wednesday.
Australia's government is seriously considering a possible 10% production tax credit that would apply to companies developing processing facilities for critical minerals, Association of Mining and Exploration Companies (AMEC) CEO Warren Pearce said.
The tax credits would extend beyond companies in Australia's nickel sector to include producers of lithium, vanadium, cobalt, graphite and rare earths, he said to reporters in Canberra, according to a recording of his news conference provided by AMEC.
"Around the world, other countries are making major market interventions that are making it difficult for Australian companies to compete," Pearce said.
"We want to keep more of the value of our minerals here in Australia.. by building value adding industries," he said.
Asked if the government had taken AMEC's advice on board, he said, "We know it's under serious consideration in the 2024 budget process."
Australian Treasurer Jim Chalmers and Resources Minister Madeleine King did not immediately respond to an emailed request for comment on the tax credit.
However, King said last month the production tax credit was under consideration, although she could not guarantee it would be enacted.
Companies that are building, or have said they would consider building value-adding plants include Pilbara Minerals, IGO and Mineral Resources. It is unclear whether any production tax credit could be used by companies like BHP hat need to refurbish their operations.
The 2024 Federal Budget is expected to be handed down in May.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
FlameBlock is a proudly South African company that engineers, manufactures and supplies fire intumescent and retardant products to the fire...
VISIT SHOWROOM
For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
