Queensland’s new coal royalties will raise billions more than the $1.2 billion forecast by government, will reduce Australia’s long-term market share in the global coal industry and will inflate coal prices by incentivising higher cost mines in other nations, analysts say.

The royalty grab has incensed miners who were on Wednesday still plotting their response while saying it would risk jobs and longer-term investment in the state, which is the world’s biggest exporter of coking coal for steelmaking.