NSW cuts mining red tape

The NSW government has cut red tape around mining lease applications as it follows Queensland in trying to reduce approval times and costs for the struggling mining industry, according to the Australian Financial Review.

The amendments, to be announced today by NSW Resources and Energy Minister Chris Hartcher, involve stripping out conditions that are covered by obligations under the Mining Act and other mine safety legislation.

They also remove conditions involving matters regulated by other departments, such as the Department of Planning, and others that have become outdated and redundant.

The removal of the duplications will cut the number of conditions for future standard coal mining leases in NSW from 24 to nine, and for other mining leases from 23 to eight.

Rio chief hails 'mandate' to kill carbon tax

Rio Tinto's energy boss has weighed into the debate on the federal government's plan to axe the carbon tax, saying Tony Abbott was elected with a mandate to scrap the impost, according to The Australian.

Harry Kenyon-Slaney told an industry event in Brisbane yesterday that the Prime Minister had declared Australia open for business in his victory speech and that the expectation was of a new government agenda that would encourage investment, economic growth and job creation.

“The federal government was also elected with a mandate to abolish the carbon tax, an expensive additional impost on our sector,” he said.

Draft laws to scrap the carbon tax were released this week, with plans to repeal it from July 1 next year. But it's not clear what will happen if the legislation is not passed by June 30, given the Opposition continues to support the tax.

Newcrest rejects criticism over remuneration

Newcrest Mining has rejected criticism of its remuneration practices, saying the board is yet to decide if executives can keep shares that vest in November under the company’s long-term incentive (LTI) scheme, according to the Australian Financial Review.

In their reports on Newcrest ahead of its annual meeting next week, some proxy advisers have raised concerns that executives will qualify for at least some LTI shares unless the board exercises its discretion and does not allow vesting.

They believe Newcrest’s leaders should not be eligible for any bonus of this kind because of the company’s performance. Since November 2010, more than $20 billion has been wiped from the value of the stock.

However, Newcrest regards the criticism as unwarranted, given there is no guarantee that LTIs granted in 2010 will be awarded in November.