Australia could fail to benefit from the criticalminerals boom unless it becomes globally competitive, bhp said mining resources investment copper nickel labour technology tax
PERTH – Mining major BHP has warned that Australia could miss its opportunity to capitalise on the global demand for critical minerals if it is unable to compete for global investment capital.Geraldine Slattery
“In Chile, one of Australia’s key competitors, copper endowments are larger in scale, closer to the surface, allowing for openpit mining methods. This translates to a higher cost-per-tonne to develop and operate copper mines in Australia, despite our high-grade endowment,” Slattery said. “Coupled with a shrinking talent pool, the cost of labour continues to rise in Australia. Australia has one of the highest labour costs in the world, around 12% higher than in the US.
Furthermore, Slattery has also urged the Australian government to further commit to encouraging investment in the resources sector, noting that the country’s relative tax competitiveness had declined since 2015, with company income tax now the third-highest in the OECD.
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