drill baby drill!
Hangon, is that saying the government’s total payment for coal mining is only $3m a year?
Now I really want to know what BT Mining Ltd’s annual profits are while they dig up & sell our coal.
Very good question.
Bathurst reported $213m in export sales in the 2024 financial year, and internal reports said the company spent around $85 million on wages and $240 million on equipment, fuel and other practical expenses.
So a $325M cost of operation on $213M of export sales…what total sales?
Also
more than it collected in royalties for all coal mining nationwide the same year.
What are “royalties”; how are they distinct from tax?
Equipment costs might (probably?) be amortised over time, but still requires upfront expenditure.
Unless it’s a load of gloves. I always lose gloves.
Tax is collected on the company’s profits, royalty is collected on revenue.
Thanks.
Im not an expert on it, but my guess is we own the coal, but its underground and hard to get out, so we let other people do the hard stuff and instead of paying us for the full value of the coal (which would mean they couldn’t make a profit) they pay us a royalty instead for the privilege of being able to dig up part of our country and sell it.
