Iron Ore Processing (Mineralogy Pty. Ltd.) Agreement Amendment Act 2020: What You Need to Know
The Western Australian parliament passed the Iron Ore Processing (Mineralogy Pty. Ltd.) Agreement Amendment Act 2020 on August 27, 2020. This amendment is significant because it updates the state agreement between Mineralogy Pty. Ltd. and the government to allow for changes to the mining industry in Western Australia.
So, what does the amendment do?
Essentially, the amendment updates the original agreement made in 2002 between Mineralogy and the government to reflect changes in technology and the mining industry. It also clarifies language and makes some changes to royalties and fees paid to the government.
One major change is that the amendment allows for the construction of a new processing facility in the Pilbara region in Western Australia. This facility will process ore from the Balmoral South mine, which is owned by Mineralogy.
In addition, the amendment also ensures that Mineralogy will continue to pay royalties and fees to the government even if the company does not mine and process ore from their own tenements. This is an important change because it ensures that the government will still receive revenue from Mineralogy even if the company decides not to mine or process ore from their tenements.
The amendment also updates the language in the original agreement to reflect changes in technology and the mining industry. For example, the new agreement includes language relating to automation and digital technologies. This is important because it ensures that the agreement is up-to-date with current industry practices and can adapt to future changes.
Finally, the amendment clarifies the language surrounding royalties and fees paid to the government. For example, it specifies how royalties and fees are calculated, as well as how they are to be paid. This helps to ensure that there is transparency and consistency in how Mineralogy pays the government.
Overall, the Iron Ore Processing (Mineralogy Pty. Ltd.) Agreement Amendment Act 2020 is an important update to the original agreement made in 2002. It reflects changes in technology and the mining industry, clarifies language, and ensures that the government will continue to receive revenue from Mineralogy even if the company does not mine and process ore from their tenements.