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Businiess name:
MMEX Mining Corporation
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Review by:
kira z.
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Review content:
TONY EASTLEY: The mining industry's chief lobbyist says there are still corporate laggards who are not giving mining communities a fair share of benefits from the resources boom.
The criticism by the Minerals Council's chief executive Mitch Hooke come as a study shows the resources industry spent $35 billion on community infrastructure in the 2011-2012 financial year.
That's a lot more than the $21 billion the industry is estimated to have paid in company tax and royalty payments in the same year.
On this side of the story: http://www.quora.com/Marc-Blackhawk/Black-Hawk-Mines-Bulletin/Blackhawk-Mines-Mining-Scam-Prevention
The research by the consultants Banarra has been released as the political debate over the proposed repeal of the mineral resource and rent tax hots up.
Mitch Hooke from the Minerals Council is speaking with our business editor Peter Ryan.
MITCH HOOKE: This is not some philanthropic exercise that we're measuring here. There still has to be a business case to it. But the benefits of that community investment and that community contribution, they extend beyond the direct benefits of the company. And so therefore there's knock on effect to the community as a whole.
PETER RYAN: But if you're looking at $35 billion pumped into communities over one year, will the mining industry be at least be able to replicate that in coming years? Or will that be matched to how strong the mining industry is?
MITCH HOOKE: Oh, there's a correlation between the extent of economic activity and the level of investment. But it's not going to fall off the edge of a cliff. It’s peaked, but it's coming off down the other side. Doesn't mean it's fallen off the edge of the cliff.
PETER RYAN: But what is going to happen as the investment phase of the mining boom winds down and projects end?
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