24/06/2008 - 15:22

State to reap $680m from iron ore deal

24/06/2008 - 15:22

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The state government is set to reap over $680 million in iron ore royalties over the next four years after Rio Tinto confirmed it had secured an 85 per cent price increase with Chinese customers.

State to reap $680m from iron ore deal

The state government is set to reap over $680 million in iron ore royalties over the next four years after Rio Tinto confirmed it had secured an 85 per cent price increase with Chinese customers.

Treasurer Eric Ripper said today the agreement provided a short-term benefit to the state over four years.

He said the extra royalties will be invested into infrastructure and debt reduction.

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