News Wrap

IN THIS morning’s News Wrap: Queensland urges miners to get started on Galilee basin; ACCC enabled to monitor price; and Cobar offered debt reprieve for a month.

Lou Caruana

Queensland urges miners to get started on Galilee basin

Queensland Deputy Premier and State Development Minister Jeff Seeney says the discounted royalty scheme to open up the frontier Galilee Basin will not be extended to other parts of the state, according to the Australian Financial Review.

ACCC enabled to monitor price

The competition watchdog has received more than 3000 complaints and queries about Labor's carbon tax since it came into effect on July 1 last year, according to The Australian.

With the political debate over the repeal of the carbon pricing scheme set to escalate this year, the Australian Competition & Consumer Commission revealed that in the 18 months since the policy began it had received 3132 complaints and inquiries.

Cobar offered debt reprieve for a month

The Commonwealth Bank of Australia has given Cobar Consolidated Resources a one-month reprieve on $1.9 million of debt due, providing the silver miner extra time to right its balance sheet, according to The Australian.

In a statement to the Australian Securities Exchange on New Year's Eve, Cobar said CBA had agreed to defer a scheduled $1.9 million repayment due on December 31 until the end of January.