If you can't beat them join them

Just spent a couple of interesting hours reading the latest Lismore Council financial reports. It is no wonder that Council hates the concept of MEL establishing a successful business in the region since it could crimp the Council's business model.

Lismore Council is already likely to reap around $1 million from the lease of a gas plant site on the banks of the Wilson River. But the latest accounts, prepared on the basis of running as a business, shows the Lismore Council's return from their mining operations greatly exceeds any other business they run.

Mining earns Lismore almost $15 million a year compared to $11 million odd each that they earn from their other largest businesses, water supply and waste water services. And the return on capital from their mining business in 2013/2014 was a whopping 18.6% compared with basically nothing from their water and waste water services. Their only businesses turning a positive return on capital except mining are the Memorial Gardens (6.1% return from income of $1 million) and waster water services (0.3% return from income of $11.374 million).

No wonder the Lismore Mayor and Councillors are so determined to stop anyone breaking into the nice little mining racket they are running in the Northern Rivers.