BHP cash short. and indirect taxpayer bail out.

I finally competed the maze.

BHP is writing down about $15 billion in tax losses this year because they are short of cash.
They will be short of  cash for two reasons.

1. The resource prices have fallen to the extent it will be unlikely they can cover debt.
2. They have to pay out around  $5 billion USD for Samarco   Brazil mine disaster.

BHP have written of shale projects as a tax loss.  Many shale projects are low cost therefore I think this bad accounting practice. The writing off of that large amount will give them around  $5 billion  tax refund from the Australian Tax Office.

BHP has around $6 billion in the bank which is basically  operating cash.

Therefore they will do a capital raising through two sources.
1. Tax write down which gives them a billion dollar tax refund.
2. We should also see a capital raising.

Conclusion.
The Brazil operations although a joint venture were poorly managed and someone has to go.
The tax refund should not be allowed because the asset hasn't really lost much value and is opportunistic.
How many mistakes can BHP make before they are accountable.
y