The NSW state government could lose huge mining investments after major international businesses have threatened to withdraw state funding.
Mitsubishi, Nippon Steel, Rio Tinto, Wesfarmers and even the Consulate-General of Japan have said ongoing issues with local mining projects is eroding trust and creating a “disincentive” to invest, reports The Sunday Telegraph.
The Mount Thorley Warkworth project, which had its plans reject by the Land and Environment Court in April, is of a particular concern for investors see worry that the ongoing planning delays as a risk.
“We now see increased uncertainty in NSW to unacceptable levels. It is a major disincentive for further investment and will impede the state’s economic development,” Wesfarmers Stewart Butel said of the Mount Thorley Warkworth project.
Many are concerned over the O’Farrell Government continually rejecting new mining projects, with the number of operating coal mines dropping from 61 to 55, and what it will mean for future of the NSW mining industry.
Read more here.
Business Insider Emails & Alerts
Site highlights each day to your inbox.