Mining companies profit from coal cap

Taxpayers will foot the bill for compensation costs mining companies will incur due to the government’s coal price cap scheme.

Mining giant Rio Tinto is expected to receive roughly $450 million for anticipated losses in 2023.

The move is set to anger the Greens Party and the crossbench who are opposed to compensation to fossil fuel companies.

It’s believed power stations across Australia’s east will be reimbursed if they’ve already paid for coal above the $125 cap.

It’s hoped the price cap will save households around $225 on power bills in the new year.

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