News Wrap

IN News Wrap: Koolyanobbing iron ore mine bailout ‘cost taxpayers $250M’; FMG flags earlier start to higher grade exports; and South Africa withdraws draft minerals law, plans to separate oil, mining.

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Koolyanobbing iron ore mine bailout ‘cost taxpayers $250M'

The West Australian reports the total cost to taxpayers of bailing out the shuttered Koolyanobbing iron ore mine to save jobs at Esperance port could be more than $250 million, the state opposition says.

Parliamentary records show the McGowan government agreed to a range of subsidies and fee-waivers as part of a deal to facilitate the sale of Koolyanobbing from US firm Cliffs Natural Resources to Chris Ellison's Mineral Resources.

Among them are royalty payments from MinRes for up to 30 million tonnes of iron ore over five years — assistance the Opposition estimates may be worth upwards of $150 million.

The government revealed it will also pay Southern...

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