"It doesn't matter how beautiful your theory is, it doesn't matter how smart you are. If it doesn't agree with experiment, it's wrong." Richard P. Feynman

Saturday, February 6, 2010

WA To Increase Iron Ore Royalties on BHP and Rio - Long Overdue

WEST Australian Premier Colin Barnett wants BHP Billiton and Rio Tinto to start paying higher iron ore royalties from the start of July, despite the completion date of their $US116 billion ($133bn) iron ore joint venture likely to drag on beyond that date.
About bloody time one of our premiers stood up and demanded a share of the natural wealth of Australia being shipped overseas. With so many of our mines overseas-owned the profits go off-shore with the ore . I think a much higher resource tax than the 5.6% would not be out of place so our children will not inherit a large hole in the ground where Australia used to be. Mind you , one cannot be too sanguine about how well our economically illiterate, intellectually-challenged  politicians will spend any extra wealth extracted from the extractors!

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