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Not alone is out mining virtually foreign owned; we're (they're)...

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moorookamick

22,283 Posts.

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19/04/21

10:09

Post #: 52557479
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Originally posted by moorookamick: ↑

IMO we should manage our natural resources better (including coal) so that all Australians get a better
return on depleting resources.

At present 86% of our mines are foreign owned with the crumbs (a few jobs , and 14% of profits and
a modest amount of royalties being distributed to a few.

IMO, Indonesia has the right policy with respect to mining:

COWs (Contracts of Work) which compel foreign ownership to revert to at least 51% Indonesian ownership
within 10 years of start-up.

And for those prophets of doom who decry such policies, please think:

Indonesia is a bigger producer of coal than Aus and its GDP is growing at twice that of Aus
despite COWs being in force for over a decade.

Personally I dont have any issue with coal mining provided that some of its profits are
invested in the management of CO2 emissions as a result of its use domestically.(not overseas)

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Not alone is out mining virtually foreign owned; we're (they're) heading that way in land and water:

https://www.agriinvestor.com/foreign-ownership-of-australian-land-and-water-2019-statistics/

And by the way, the Chinese are not the worst...eh?
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