Second Rant, Open letter sent to FIRB, every relevant minister, a bunch of other politicians and media.
Hello all,Firstly my apologies to those of you who think this issue is not relevant along with condolences as you must have NFI what the every day Australian thinks!
I am writing today on the subject of our political leaders selling the country from under the feet of the ordinary Australian.
I must be up front and admit I have a financial interest a target asset which I will discuss a little further on. This is not a bad thing as it has motivated me to waste the best part of a day to make as much Noise as I can about an issue (and yes it is an issue, yet some still don’t realise it) that has bugged me for a long time.
The sale of Australian owned assets to foreigners. Two recent topical examples are sale the Darwin port lease and the Kidman properties. I could number many more but Agricultural and Mining assets are flying out the door at an ever increasing rate and everyone knows it now.
I have a small shareholding in the ASX listed company Gindalbie Minerals (ASX:GBG), which owns 47.84% the target asset Karara Mining. The balance of Karara Mining is owned by Ansteel who has just received FIRB approval to pursue GBS’s interest.
https://www.asx.com.au/asxpdf/20190424/pdf/444j7381zh2p23.pdfAnsteel according to their own web site are a
Chinese State owned company under the control of
Sate-owned assets supervision and administration commission of the state council. (What ever that means)
http://en.ansteel.cnWhilst there is much to say about this I will just point out that it appears to have been China’s game plan to gain 100% of the asset from the get go, doing so in a way to not only dupe the minority shareholders of GBG but every day Australians of a yet another mineral resource. Ansteel has a 35.71% interest in GBG making them the by far the largest shareholder empowering them to get two directors on the board. This may or may not had an influence on this deal but hope it was given some weight before the FIRB’s decision.
All Australia has to gain are couple of hundred jobs and the WA Government a pittance in royalties as Karara is a magnetite mine and volumes are low. Yet the Chinese government gets the benefit of some of the most in demand iron ore product in the world no doubt selling to themselves for the balance of mine life for little or no taxable profit. Due to the way they have structured their financials with massive debt owed to once again Chinese State owned financial institutions.
Also is attached an e-mail I sent today to GBG directors for anyone interested.
I hope someone has the time and nous to look into the validity of this deal or at least use it for ammunition toward halting this “Baby and the bath water” scenario before it’s too late!
More than happy to discuss further.
Kind regards
