Feb. 29 (Bloomberg) -- Western Australia will impose a 2.5 percent royalty on rare earth production as part of changes to the state’s mining regulations.
The royalty was included in its Feb. 24 amendment to the 1978 mining act, according to a statement on the West Australian government website.
Lynas Corp., which produces rare earths from its Mount Weld mine in the state, may be liable for about A$17 million ($18 million) a year in royalty payments as a result of the regulation, the Australian Financial Review reported today. Lynas wasn’t immediately available to comment, according to Alan Jury, an external spokesman for the company who works for FTI Consulting.
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