Moz, this is the one issue that I keep mulling in my head. I...

Moz, this is the one issue that I keep mulling in my head. I think WNI are in it to make a profit (which should be shared amongst their shareholders) but it's the way that they achieve that profit.

I envisage WNI selling the ore to Chinese mills at cost or a price that doesn't trigger MRRT, then getting payback from the steel mills from their selling the finished steel product at an increased profit. Basically, Australian Government and people get nothing from ore sales, but Chinese government gets taxes from increased profit margins of their steel mills and from WNI shareholder profits.

Not only will our nation have a Chinese based enterprise sending out the Australian ore at cost, the steel and labour to build infrastructure will also be sourced from China. Australia gains nothing and China everything.

I hope that the State Government wakes up to this impending rort and significantly ups royalties. I don't believe the current Federal Government brains trust has the foresight to consider such a situation happening and putting in the appropriate checks and balances.