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Ben Wyatt rejected that gold miners would respond by cutting back on exploration. Photo: Mogens Johansen

Wyatt rejects gold miner threats

Treasurer Ben Wyatt has signalled he won't be bullied by the gold mining industry, which is opposing royalty rate hikes that were unveiled in the state budget.

The state government plans to increase the gold royalty rate from 2.5 per cent to 3.75 per cent when the spot price eclipses $A1,200 per ounce ($US969.70/oz), which has been the case for many months, starting from January.

Based on the current high spot price for the precious metal of about $US1,349/oz ($A1,674/oz), that equates to an additional royalty of about $20/oz.

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