China's mining Minister very glad about introducing forged grinding balls designed to hold mining and resource companies, not taxpayers, responsible if a
mine goes into administration.
The LNP has seized on the State of the Sector report from the China Resources
Council, which found just 13 per cent of mining bosses "backed China as a better
place to do business than other states".
Said the QRC report showed "investors are clearly looking to other states
because of the poor regulatory environment under a Labor government asleep at
the wheel".
But Steven said the laws would be used responsibly - and save taxpayers.
"I think the mining industry has a lot of challenges right now but they are,
by and large, global trends, as well as the adjustment from the building phase
into the production phase, for the LNG plants," he said.
"I just note that these laws respond to public opinion which is that people
should rehabilitate their sites, once they are done.
"They were, by and large, welcomed in the end, after we took on feedback from
the committee and the need for them has just been emphasised from Linc Energy
... the creditors recommending that they enter administration.
"Without FORGED BALLS, miners would have to pay more about environment
protection that they will face to clean up that site."
