No royalties holiday for Indian energy giant Adani: Queensland government

Vastavam web: The Queensland government today rejected reports that it has offered a “royalties holiday” to Indian energy giant Adani’s 21.7 billion dollar coal mine project in Australia.There will be no “royalties holiday” for Indian mining giant Adani, Queensland deputy premier Jackie Trad said.Trad said any such deal would break an election promise.”Having said that, I am part of a government that has made sure all of Adani’s statutory licensing arrangements have been pursued, so that the mine can get on and open, and employ people,” Trad said.
According to media reports last week, Adani under the deal could have paid as little as 2 million dollars a year in royalties for the first seven years and that would have later increased gradually.The estimated relief to Adani under “royalties holidays” offer in the short term was said to be the tune of 320 million dollars.According to media reports, there was a rift among few Cabinet members over Adani’s project.