Mining in Australia: Incentives and Initiatives

Australia is one of the world’s biggest mining hotspots, and that’s partially because the country’s government has given mining companies a good reason to explore down under: incentives.

While these incentives vary between the eight different Australian states and territories, they all help make the mining process easier and more beneficial for everyone involved. Companies are able to profit, and the government finds a strengthening economy.

For investors curious about what each area offers to mining companies, check out our list of Australia’s various incentives by state and territory.

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Argyle Diamond Mine Closure: The End of a Sparkling Era

Pink and red diamonds are among the most special gems in the world. The value of these highly sought-after natural stones speaks for itself, but their rarity has arguably increased since the closure of Rio Tinto’s (ASX:RIO,LSE:RIO,NYSE:RIO) Argyle mine.

The asset, which ceased mining activity on November 3, 2020, had been in operation since 1983. In that time, 865 million carats of rough diamonds were produced.

The unique geological chemistry of the Western Australia location birthed the rarest hues, including champagne, cognac, blue, violet and of course, the coveted Argyle pink and red diamonds. Millions of carats of white diamonds were produced at the prolific property as well.

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How Has COVID-19 Impacted Australian Miners?

Much the same as everywhere else on Earth, Australia has not been immune to the effects of the COVID-19 pandemic, which has ravaged people, politics and markets.

As a resources-heavy nation, with some 11 percent of its economy dedicated to mining, and over 60 percent of its exports coming from resources, the initial slowdown in Australia's largest trading partner — China — brought about severe jitters in the Australian economy at the beginning of 2020.

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Rio Tinto Provides Additional Information to Parliamentary Inquiry on Juukan Gorge

Rio Tinto has provided additional information to the Australian Parliamentary Inquiry into the destruction of the rockshelters at the Juukan Gorge in the Pilbara region of Western Australia. The additional information relates to questions taken on notice when Rio Tinto provided evidence to the Inquiry Committee and additional questions received from the Committee.

Rio Tinto’s responses to the questions on notice and additional questions are available at https://www.aph.gov.au/DocumentStore.ashx?id=3491f7db-a6f0-45e3-a5f0-4e20d3dbbd9c&subId=690644 and additional documents provided are available at https://www.riotinto.com/-/media/Content/Documents/News/RT-Inquiry-supplementary-documents.zip.

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Rio Tinto Publishes Board Review of Cultural Heritage Management

Rio Tinto today published the board review of cultural heritage management, following the destruction of the Juukan rockshelters in May 2020 (https://www.riotinto.com/news/inquiry-into-juukan-gorge). The review details what elements of Rio Tinto’s systems, decision-making processes and governance failed to work as they should have and sets out recommendations to prevent a similar incident occurring in the future.

The board review builds on Rio Tinto’s submission to the Inquiry by the Australian Parliament’s Joint Standing Committee on Northern Australia. While the submission sets out details of Rio Tinto’s relationship with the Puutu Kunti Kurrama and Pinikura people (PKKP) from 2003 to 2020 and the circumstances that led to the events that occurred in the Juukan Gorge, the board review addresses why it happened and how Rio Tinto can improve internal processes and practices within Iron Ore and across Rio Tinto.

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