Market Revaluation underway..., page-163

G. Rinehart, Posco have withdrawn, 22.12.22, from a proposed $1b gas project in Qld., due to the attacks by the Federal ALP govt. on the gas & coal industries.
(Also, it should be noted that Qld., following their new tax-"theft"-- policy 6 weeks ago, now have the highest coal Royalties/tax on any coal companies, anywhere in the world! Sovereign Risk!).

Thank you @Teddyward for these 2 Rinehart Posco links, from the AFR 22.12.22. Post #:65422779 Post #: 65422783

Exploration, development, mining, refining/processing, even Operations/Execution, are inherently risky- but the private sector spends hundreds of billions $ (todays $, over a few decades), on the basis of a high risk, for a fair reward.
The high prices are a "just reward", for the bad times- when prices inevitably become much poorer (or even unprofitable- but miners must fulfill their long term contracts) throughout the commodity cycles (These cycles are universally "accepted", & have existed in resource exploration & extraction for 100+ years).

BHP had to close, in 2008, its WA Raventhorpe Ni mine, after only 12 months of opening, when NI prices collapsed, making it very unprofitable. Its loss then, in 200$, was $3.7b.

These anti- private sector policies will cause a reduction in the supplies of commodities in Australia, & inevitably will result in these scarce commodities, selling at much higher prices.
Australia's international investment reputation, & trust from trading partners, are being trashed by socialistic/communistic-style policies, of govts. intervening in a fair market.

In 2020, IIRC, WHC had a SP < $1, coal was US $60, with net debts of c.$1b- govts. want to steal from shareholders, when the "good" times occur