August 6, 2018 Read More →

Korean coal-tax increase could hit the Korean-owned Bylong mine proposal

Newcastle Herald:

A decision by South Korea to lift a consumption tax on thermal coal by 20 per cent to about $40 a tonne is another blow to the Korean-owned Bylong coal proposal near Mudgee.

Bylong coal would be exported through Newcastle if the mine goes ahead. High-quality thermal coal is selling for about $115 a tonne at present.

The pro-renewables Institute for Energy Economics and Financial Analysis says it has written a new report for the Bylong Valley Protection Alliance in which it urges the NSW Department of Planning to “revise its previous support for the mine, in light of the reduced economic justification for it and the severity of its environmental and social impacts”. The institute says the extra tax on thermal coal would be another hit on Bylong’s economics.

The pro-coal NSW Minerals Council disagrees, saying the tax is unlikely to have a major impact. An industry journal, the Australian Coal Report, says the proposed $8.93-a-tonne rise is the fifth rise in five years.

More: Korean coal-tax increase could hit the Korean-owned Bylong mine proposal

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