New Adani royalty deal details to remain a secret
UPDATE 7.30PM: ADANI and the State Government have now both signed off on the Indian miner's royalty agreement, an Adani spokeswoman has confirmed.
EARLIER 2.30PM: THE State Government has struck a royalty agreement with Adani for its Carmichael mine.
But Treasurer Cameron Dick has confirmed the details of the deal will remain secret from taxpayers.
The deal, which was meant to be finalised in September last year, had been delayed for 12 months after the Queensland Government and Adani agreed to extend the period to finalise negotiations.
Mr Dick said the terms of the agreement were consistent with the Resource Regional Development Framework.
"That's absolutely locked in now and that is something that we have now completed as a government," he said.
The Treasurer declined to give specific details about the agreement today, keeping in line with the government's previous statements that specific details of the deal were commercial-in-confidence.
"I can assure you Adani will pay every dollar in royalties that they have to pay to the people of Queensland and the taxpayers of Queensland with interest," Mr Dick said.
Because the agreement was made under the RRDF, this means the government will expect Adani to share their infrastructure with other commercial operations.
New Century's zinc mine in northwest Queensland became the first in the state to make a royalties deal with the government under the policy earlier this year.
A company may be eligible to defer its royalties if it shares infrastructure and if it helps "in opening up undeveloped resource basins".
An Adani Mining spokeswoman said the company had agreed to terms for the royalties agreement and had signed the agreement.
But she said Adani was awaiting confirmation the State Government had also signed the agreement.
"The Carmichael Project will generate billions in mining taxes and royalties that go to the Australian and Queensland Governments in the first 30 years of operations," the spokeswoman said.
"This money will help build schools, hospitals and roads for Queensland.
"Construction of the mine and rail is well under way, with more than 1500 people now employed and more than $1.5 billion in contracts awarded on the Carmichael Project."
The spokeswoman said more than 88 per cent of the mine's contracts were being delivered in Queensland and had been spread across the state to give as many regions as possible the opportunity to benefit.
Construction of the mine is on track to produce coal in 2021.
Australian Conservation Foundation campaigner Christian Slattery urged the government to immediately disclose the deal's terms.
"Queenslanders have a right to know how much revenue and risk has been sacrificed at the altar of Adani's destructive coal mine," Mr Slattery said.
"What assurances has Adani given the government that Queenslanders will ever get their money back from Adani's financial house of cards?"