In delivering BHP's circa $18b profit back in '07 (I think?) Chip Goodyear said something along the lines of "once the genie's out of the bottle, there's no putting it back in".
In a sense I hope he, and the writer of Kurtle's article, are right. As long as the development is planned with economic (and dare I say it here ((ecological))) responsibilty, it only seems logical that our blessing of resources will be pulled out for decades to come. What sort of a profit can be made for the miners remains open.
If Chairman Mao said that the 'people' want their share of the development pie, would we dismiss him as a Communist totalitarian? We dare not touch the farmers in a dud year/decade, do we suddenly ramp up special taxes because of favourable weather for successive years? If anyone deserves to pay, it's the US Republicans and their Wall Street brokers, not Australians. The government supports the US to the end game, then proposes to penalise our growth engine and the rest of Australia by consequence.
Anyway, go China, go India, go Australia, and this month, go bloody DML!!
DML Price at posting:
68.4¢ Sentiment: LT Buy Disclosure: Held
