I think the meeting at Ravensthorpe will have more to do with campaigning against the mining tax which is still not dead even though Rudd has fallen on his sword. I think you will find a lot of mining companies will be going out into the communities to do the same in their areas. I am expecting though that the Reserve and Resource Statement will be announced before the meeting.
I am still wary of Gillard and Co......listening to her speech it is clear they are still going to play hard ball in negotiations........nothing has changed except they have asked the miners to pull their adverts..........very cunning move. Obviously the market was wanting to see Gillard soften on the tax but she did not....so the miners need to get some positive vibes (relaxing of the 40% tax and the threshold (uplift rate) which it cuts in ---- miners should say this is non negotiable (suggest 30%/10%, rebate on state royalties plus exploration rebate) quickly otherwise they should put the adverts back on. Mining companies should set the terms not the government as they know the sums that are affordable. As Gillard door is now open...representitive of the Industry Associations should be on her doorstep first thing tomorrow morning! The mining tax is still the biggest threat to the Labor Governments chance of re-election....so who is holding the aces.
TTR Price at posting:
5.9¢ Sentiment: LT Buy Disclosure: Held
