Brazil would also benefit. In 2010 a conservative Brazilian Government knocked back a proposal to increase the royalties on Vale's iron ore exorts but it got knocked back because conservative forces in Brazil then reckoned that it would simply put money in Australia's pocket.
The proper thing to do is to form an iron ore producer Country consortium like what what OPEC does with oil. The WTO cant object if it is styled on the OPEC model.
This way there is a win/win for both Brazil & Aus against China.
