Hi Kat, it doesn't matter how low the io price Abott expects (he needs the justification to slash and burn across all government spending and to increases taxes) .
The iron ore belongs to the state of WA. The state government is budgeting for $us 75 (roughly $aud 93) in 2015.
Progressively the price goes higher in 2016 as the deficit (still huge but diminishing gradually) .
Next year there will be 20,000 gone from all those LNG projects all coming to an end as well as Roy hill.
If IO price doesn't go up significant (through an outright pull back of volume) , then Barnett will hike royalty big time. He has no choice.
Australia is %&#@ and Aussie mineral wealth is literally given to the Chinese for free.
It's not sustainable. It wont be allowed despite the BS io price estimate. That's just a stunt to tell the Chinese (with whom Australia signed a useless FTA) that any decision by BHP and RIO to pull cargo is purely a commercial one on the part of the mining companies.
I
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