The Bill does not explicitly provide for a right of judicial appeal. In addition to the general provisions for mineral rights, two resource sectors receive special treatment in the Bill - diamonds and oil. The Bill proposes a substantial shake-up of the regulation of the diamond sector. More importantly it proposes retaining an export duty on diamonds, which has long been criticised by De Beers. The Bill goes even further than current legislation by allowing the government to impose an export duty even when the diamond company concerned has offered the stones to a local diamond cutting company.
Diamonds are already the only mineral export to incur an export duty.
In the oil and gas sector, the Bill proposes setting up a petroleum agency under the Central Energy Fund that would have wide powers to vet, stop or intervene in the exploration and development of oil and gas reserves. Opinions expressed in articles presented on this web site are those of the specific authors and do not necessarily reflect the policy of the Australian Institute of Geoscientists. Although we strive to ensure information presented on this site is accurate and reliable, AIG cannot accept liability for consequences arising from the use of information presented on this web site.