Newspaper article News Mail Bundaberg Qld.

Uncertain Times for Monto Mine

Newspaper article News Mail Bundaberg Qld.

Uncertain Times for Monto Mine

Article excerpt

Byline: Russel Guse

THE Federal Government's new resource super profits tax could be the final nail in the coffin for Monto's Goondicum mine project.

Mark McCauley from Belridge Enterprises a the company that purchased the former Monto Minerals project a said the new tax would not help their plans to restart the mine.

Mr McCauley said the structure of the new tax looked to be a poor compromise between maintaining the status quo with state government royalties and moving to a completely new tax system similar to the oil and gas industries' resource rent tax.

"A lot of the detail remains unclear and until this has been sorted out the real implications of this will be hard to assess," Mr McCauley said.

"However, we are still working on getting it (the Goondicum project) profitable.

"The key issues remain the same for this project a how do we economically get the product to port without incurring a massive road tax, and can it afford to purchase the (otherwise valueless) pipeline from Sunwater? …

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