ASX rejects Chamber of Minerals and Energy assertion on WA gold royalty hikes

We’re sorry, this feature is currently unavailable. We’re working to restore it. Please try again later.

Advertisement

This was published 6 years ago

ASX rejects Chamber of Minerals and Energy assertion on WA gold royalty hikes

Updated

The Australian Securities Exchange has demanded a retraction from WA's peak mining industry lobby group after it compared the state government to an African nation.

The Chamber of Minerals and Energy WA in a statement on Tuesday compared WA's proposed gold royalty increase to recent mining reforms in Tanzania.

The ASX has slammed the Chamber of Minerals and Energy WA.

The ASX has slammed the Chamber of Minerals and Energy WA.Credit: KTSDESIGN/SCIENCE PHOTO LIBRARY

The ASX this year suspended trading for more than a dozen resources companies after Tanzania passed laws increasing gold royalties by 50 per cent.

The state government wants to increase WA's gold royalty rate from 2.5 per cent to 3.75 per cent when the spot price eclipses $A1200 an ounce.

Premier Mark McGowan has said the measures are necessary to help trim state debt but the move faces opposition in the Upper House.

The CME cited a news report that claimed the ASX could force the suspension of most of Australia's listed gold companies if the royalty increase was passed.

But the ASX said the CME's statement is incorrect and demanded it be corrected or withdrawn.

AAP

Most Viewed in National

Loading