Oracle,
Not cynical at all, if FMG is doing the right thing and paying taxes and the other two are not, they have a significant advantage in after tax earnings.
Steve Price the CFO, made it clear in his comments that they pay 30.00% tax, he would not want to be caught out lying to a Senate Committee.
FMG, I believe is more transparent as it is a single commodity company, that only operates in Australia, harder to hide transactions, IMO.
The other two are domiciled in the UK, and have operations worldwide, pretty easy to fudge the books, especially if you use high powered tax specialists that are really white collar criminals for hire.
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