A 50 per cent royalty rebate for WA potash projects extended
|Date:||Tuesday, 22 November 2022|
The rebate will support industry and create jobs for local communities
The McGowan Government today announced an extension of the potash industry royalty rebate scheme established in the 2022-23 State Budget.
The extension of the scheme will provide a non-repayable 50 per cent rebate on royalties paid for two years to companies that make first sulphate of potash (SOP) sales before the end of 2027.
No royalty rebate will be paid when the price of SOP exceeds $AUD1,000 per tonne on average over a quarter.
This extension is expected to make the scheme available to a larger number of potential SOP producers in Western Australia.
The McGowan Government's continued support complements existing assistance for Western Australia's emerging SOP industry, including concessionary mining lease rents and specific Mining Rehabilitation Fund levy rates.
SOP projects proposed to be developed in the State are expected to be long-life operations spanning 30 to 40 years, that will provide hundreds of jobs and opportunities for communities in regional WA.
Comments attributed to Mines and Petroleum Minister Bill Johnston:
"The McGowan Government remains committed to assisting the development of the potash and minerals in brine industry in Western Australia.
"By extending the royalty rebate to help this fledgling industry, we will continue to create jobs and community development opportunities, particularly in remote Aboriginal communities.
"Potash is an essential nutrient in agricultural fertilisers that underpins global agriculture by protecting crops from disease and pests."