NSW Mining Industry in Limbo

By Joel ScanlonApr 6 2011

The mining industry in New South Wales is feeling threatened by the new planning laws being put into effect by the state government. The State Government’s Planning Act may prove detrimental to the mining industry as per New South Wales Minerals Council that says the changes would lead to mining companies moving out of the state.

The newly elected Premier of New South Wales, Barry O’Farrell, has removed the Planning Minister’s power to grant approval for large scale project development without prior community consultation. The first policy change made by the Premier may make the local communities have a greater say in mines being developed in the area but mining companies will face additional delays due to this step in starting new projects.

The deputy CEO of the Minerals Council Sue-Ern Tan said that it was not yet clear what would happen to the more than 500 development applications that are pending approval. Many of these project developments are related to the mining industry. Sue-Ern Tan added that they were concerned about the outcome of these projects.

Adding that if you leave the projects in limbo it does not promote investor confidence in the state. New South Wales government needs to promote the kind of business that can bring the state back to the number one position rather than make new policy decisions which will make investors balk.