COAL companies say the Federal Government's carbon-trading scheme will shut mines and cost thousands of jobs in the Hunter.
But at the same time, forecasters BIS Shrapnel say the Hunter coal industry is gearing up for a massive period of investment driven on the back of Newcastle's third coal loader.
Meeting with Hunter council representatives today, Australian Coal Association executive director Ralph Hillman said the carbon tax would cost the industry $14 billion in 10 years and cost 5100 Hunter mining and mining related jobs.
But BIS Shrapnel's Mining in Australia, 2009 – 2024 report says Australian mining investment is tipped to rise by 30 per cent to $60 billion a year by 2013.
“The outlook for mining varies substantially by commodity and region within Australia, with energy and steel-driven commodities such as oil, gas, coal and iron ore having the brightest prospects during the next five years,” says BIS analyst Adrian Hart.
More on the report in tomorrow's Herald.