Senior MPs have taken aim at miners for baulking at contributing to a state coal reserve designed to ensure local power stations can keep the lights on.
One of the longest-standing Japanese investors in the Australian resources industry has attacked the NSW government’s coal reservation policy, as the Perrottet government stepped up its attack on BHP and coal miners in NSW for making “super profits” off the war in Ukraine.
“This will result in a substantial financial loss as we would be forced to purchase lower-quality coal from other producers or traders to supply to the power stations – this makes no sense.“The NSW government’s interference in the coal market is already creating inequity and unfair treatment between coal producers who deal directly with international coal customers and coal traders, who trade coal on the open market.
“There are simpler ways for the Government to achieve its desired outcomes which will not negatively impact exports and customer relationships, particularly in Japan and other key export markets.“Large-scale, long-term investments in major energy and resources projects require long term fiscal stability, mutual trust and ongoing consultation between all parties.
The NSW government has been forced to defend a reservation policy unveiled in December, and expanded in mid-January, which directs every mine in the state to reserve up to 10 per cent of their output for local generators. The original plan only applied to miners that already supplied coal to local generators, but was expanded in mid-January to include exporters including Yancoal, Whitehaven and BHP.
The sharp attack on the mining giant’s profits echoed comments Premier Dominic Perrottet made a day earlier, where he also hit out at BHP and other miners for netting “super profits” from the “illegal war in Ukraine”.
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