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Friday, Oct 4
Australia's gold miners team up to thwart royalty hike
- Gold producers in resource-rich Western Australia state are banding together to resist any increase in royalties on gold sales, fearing a further blow to an industry already battered by falling prices and rising costs.
- Miners have been concerned since the state's premier told the state legislature last week that the current royalty on sales of the metal (2.5%) was "a little light" compared with those for other minerals.
- The group says it is preparing a submission to the government's review before the end of the month and wants meetings with the premier and the state's mines and petroleum minister.
- The biggest producers in the 10-member group are South Africa's Gold Fields (GFI) and U.S.-based Newmont Mining (NEM).