pattyp, page-36

in 2010, Rio Tinto reported $21 billion in iron ore revenue from the Pibara

media articles say new agreement with Indigenous groups in 2011 amount to royalties of around $50 million annually

$50m divided by $20b = a royalty of 0.25%

RWD has offer 1.25%, that is, five times more than RIO

FMG is much worse than RIO, where the return is so small, it cannot be calculated on a calculator


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FMG is trying to force a deal that would see the Yindjibarndi forfeit all rights to their land. They would only be guaranteed $4 million per year—despite FMG expecting more than $9 billion per year in revenue.

FMG are also promising $6 million per year for services such as training, health, housing and education. This deal would provide only one-tenth the revenue being offered by other miners such as Rio Tinto in Native Title negotiations. Royalties are capped, rather than the regular practice of being fixed at a percentage of earnings

http://www.solidarity.net.au/34/miner%E2%80%99s-bullying-exposes-contempt-for-aboriginal-people/

One mining company that appears to be the most progressive and balanced is Rio Tinto. Their superior awareness has led them to strike a $2 billion deal with traditional owners and prompted them to commit to employing at least 14 per cent of its workforce with local Aboriginal people. Rio Tinto's chief executive Sam Walsh said: "It's good for the Aboriginal community. It's good for our business. It also happens to be the right thing to do." Yet while the deal is impressive, there could be a sneaky devil lurking in the detail. Rio Tinto has cleverly commissioned experts to create a package deal - instead of negotiating one mine at a time they have sealed up 40 mines with the one deal. Their public presentation has been cosmetically enhanced by multiplying payments of $50 million a year for 40 years to equal an impressive looking $2 billion. This is the closest that we get to the middle ground.

In contrast to Rio Tinto's real slice of pie is an insulting offer of a lonely breadcrumb from Fortesque Metal Group to the Yindjibarndi people. Fortesque's offer of just $4 million cash and $6 million on housing from billions of dollars of profit equates to less than 4 cents in every $1,000.

http://treatyrepublic.net/content/critical-time-aboriginal-mining-royalties-tax-rights