Crank up mining royalties on Iron ore, page-31

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22/03/20

14:17

Post #: 43630516
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Originally posted by moorookamick: ↑

Companies such as RIO, BHP & FMC stand to make trillions in profit over the next 50 years and it is about time that we review the current royalty regimes so that the average Aussie gets a fair shake of the sauce bottle. We have to consider what resource rich coultries like Norway & Saudi Arabia are doing for their citizens in fairly distributing resource wealth to all.

I know that the Neo-Liberal conservatives ( low tax/small government) advocates will cry wolf but before you do , please consider the following>

Suppose we apply the "self interest" mantra of multinationals such as BHP. RIO & Glencore to the ownership of our resources. Lets suppose that BHP owned all the iron ore in the ground in WA & that Glencore owned all te coal in the ground in Queensland. Just now think for a moment.........

Do you think that the royalty rates would be between 5% & 7%?

Pigs ass! They would jack up the royalty rates to the maximum so that the miners would be just marginally profitable; enough to keep them alive.

Is WA & Qld Governments doing that now and if not, why not? Surely if its good enough for the goose, its good enough for the gander.
Just have a read of the current marketing textbooks in resource management and you'll clearly see what marketing mix means and how optimum
profit can be sustainably engineered.

86% of our mines are foreign owned and in these trying Trump times, dont you think it is an honourable Aussie patriotic goal to put Australia & Australians first; not Multinationals' self interest.

Before rubbishing the idea, just have a squizz at the resource economic management regimes of Norway & Saudi Arabia.

Why dont we import them; we just about import everything else!

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https://www.aljazeera.com/indepth/opinion/vision-2030-poverty-saudi-arabia-191210115057234.html
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