11 Oct 2010

Minerals Act change 'could deter investors'

1:55 pm on 11 October 2010

Leaders of the minerals industry say proposed changes to their sector could drive investors away, not attract them as is intended.

The comments have been made by Straterra, which represents oil, gas, coal or metal mining companies, in its submission on proposed changes to the Crown Minerals Act.

The Government wants to update the 20-year-old legislation to encourage economic growth, cope with new technologies, and bring clarity to the process. Submissions closed last week.

Straterra chief executive Chris Baker says the changes could make the industry less confident, by allowing future Governments to change the rules halfway through a mining operation's life cycle.