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The industry leaders repeated warnings that marginal gold mines may be shut down. Photo: Attila Csaszar

Gold miners put heat on Libs

Ten gold sector leaders spoke in unison today about the damage they believe will flow from the state government’s hike in royalties, and also made clear they are targeting the Liberal Party to block the change.

The industry leaders repeated warnings that marginal gold mines such as Newcrest Mining’s Telfer operation may shut down, and emphasised the prospect of lower exploration spending damaging future growth.

Another theme running through their comments was that the government did not understand the likely impact when it announced the policy change.

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Comments

mullaloo
I totally agree the fact the government has blown out its budget and grabbing the gold miners to try help them is very detrimental to the gold industry (jobs and viable projects may no longer be viable any more). Terrible idea to increase the gold royalties; do it only if the gold price rises above $US1,900 per once, not before.

Perth
Great photo Attila! Very 'Reservoir Dogs'...

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Total Shareholder Return as at 30/09/16

1 year TSR5 year TSR
105thNewcrest Mining76%-8%
167thHarvey Norman42%26%
188thAdelaide Brighton34%22%
292ndMirvac Group12%16%
381stAurizon-1%12%
719 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Revenue

25th↑Newcrest Mining$4,476.2m
31st-Aurizon$3,458.0m
33rd↑Harvey Norman$3,018.6m
39th↓Mirvac Group$1,937.2m
43rd-Adelaide Brighton$1,462.8m
76 listed non wa companies ranked by revenue.
Source: Morningstar

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