The Chamber of Minerals and Energy of Western Australia (CME) welcomes the joint venture between Gold Road Resources and Sumitomo Metals Mining Oceania reaching a significant investment milestone.
Sumitomo has now achieved a 30 per cent interest in the South Yamarna Joint Venture in Western Australia.
“This achievement highlights both the need for ongoing foreign investment and stable policy settings,” said CME Chief Executive Reg Howard-Smith.
“Foreign investment has played a critical role in the development of the Western Australian resources sector for well over the past 100 years, and will continue to do so,” said Mr Howard-Smith.
“Australian companies and projects are competing globally to attract capital. It’s vital we have the right policy settings and remain an attractive investment destination,” said Mr Howard-Smith.
“To that end the state government’s decision to provide stable royalty rates will provide some certainty and improve our international competitiveness,” said Mr Howard-Smith.