Oracle,
Well according to Sam, "if we don't dig it up someone else will"
They dig up what we own, tell the world ahead of time that they intend to add more & more supply, which causes the Chinese mills & traders to salivate and push the price further down.
Poetic justice that their well crafted plans, that are dependent on Chines state owned & smaller mines will close is not going to happen.
China protects its industries and workers irrespective that they produce very low grade ore and are high cost producers.
To add insult to injury RIO/BHP are avoiding billions in company taxes, whilst Atlas is probably paying the right amount of tax, and it now is now forced to close its mines, making 500 workers redundant.
Imagine feeling the stress as to how they will now make ends meet, take their kids out of schools, pay the home loan or sell the house etc.. (Perth home prices must be in the doldrums).
I'm pissed, this is not a fair market system or survival of the fittest, it's a case of who has the best tax specialist to evade taxes and therefore increase earnings by being a tax cheat.
Hockey should now, cancel their leases/tenements and nationalise the industry.
They had the hide to spend millions fighting the Mineral Resources Tax, as it would add to their costs and was an unfair tax, meanwhile they forgot to let us know that they were saving billions in transferring profits to Singapore paying only 5.00% tax.
Bugger them, kick them out I say and nationalise the industry, and then sell it to Australian Miners , similar to when they auction radio/tv licences, limit supply and get rid of the deficit in 12 months.
I guess I am on a roll, and ranting, but I cannot believe the arrogance i\of the big 2,with this tax avoidance issue, we sit and cop it, while families are now suffering, with more & more job losses coming if this keeps up.
We should all start a petition to fix this problem. If anyone posts that I am ant-capitalist, that's fine by me.
Consider this, we have a national crime commission that confiscates funds and property that has been obtained from criminal activities.
Rorting billions in taxes is a crime also, at least they should confiscate Sam's ,magnificent tea cup collection.
That will wipe the cheesy grin of his arrogant face.
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