tax grab, page-26

Frader, the net profit (i.e.after tax) is your return on investment. So, therefore the return will be lower.

A lot will depend on projected iron ore prices and locked in contracts with buyers ( which I assume is why Conglin Yue has stepped in ).

At the end of the day the Chinese are funding this project for security of supply. That fact won't change with Rudd's tax.

We are much further advanced than other iron ore hopefuls who have no backers and no commitments. This could also be seen as a good thing in that if these other projects don't see the light of day or are on hold we will have a mover advantage because at the end of the day the appetite for resources by China and India is not going away for many years. The industrialisation and urbanisation of Chindia will occur not matter what Kevin Dudd does.

The market is also assuming that the tax will be there in 2012. There is a big chance it won't be.