ASX:CMY produces Thorium, and has risen from 7 cents to 14 cents.
there has been a few risers lately in my under ten cent shares portfolio.
check it out here
http://finance.yahoo.com/q/ta?s=CMY.AX&t=1y&l=on&z=l&q=l&p=b,p&a=&c=
I'll post more tips lat er...
a $500.00 investment might pay off in the next few months.
Thorium is a much wanted commodity.
ASX:ABY is another. Copper production. I bgt in at 1.00 and its up to 1.14. that's 14%.
If you can't afford gold, copper is best.
I made some money when it was as low as 12 cents. I wish I hadn't sold!
Mega
Remember we are not financial advisors.. Sampson management Services (SMS) educate and inform only...We are Assett Management Consultants- we teach you about risk and how to measure that risk according to the international standards on Quality, Environment, OHS, and Risk management in an integrated approach. Ref standards: AS/NZS/ISO 9001, AS/NZS/ISO 14001, AS/NZS/ISO 4804, AS/NZS/ISO 4360.
Megamoneybox address is http://Megamoneybox.blogspot.com.au We try to help you earn money on the internet.We give free share trading tips. We aim to educate and enthuse. We are in Australia in the land of the Sun. We are asset management and risk consultants, are not financial advisors. You Trade at your own risk. We could be wrong. So do your homework. Go to our other blogs to de stress. We are not big risk takers. We asses, investigate, analyse and then decide.
Showing posts with label ASX:ABY. Show all posts
Showing posts with label ASX:ABY. Show all posts
Sunday, October 3, 2010
Monday, June 21, 2010
so is this the answer? does China own us now?
Latest Commentary
from "the Business Speculator"
China's RSPT bounty
STEPHEN BARTHOLOMEUSZ The Rudd government's resource super profits tax will force miners to ask China's state-owned financiers for cash, bringing in more Chinese state-owned enterprises as shareholders. 4:13 PM read more
http://www.businessspectator.com.au/bs.nsf/Article/Bartholomeusz-RSPT-iron-ore-China-Development-Bank-pd20100621-6M8YT?OpenDocument&src=pmm
Commentary
4:13 PM, 21 Jun 2010
| More
Stephen Bartholomeusz
China's RSPT bounty
Kevin Rudd might want to characterise the $10 billion or so of deals with China unveiled today during the visit of Chinese vice-president Xi Jinping as evidence that the resource super profits tax is not affecting investment, but then the Chinese are not your ordinary investors.
And, indeed, given that China Development Bank (CDB) features in several of the resource deals signed today, the deals themselves aren’t necessarily conventional resource sector investments.
The Chinese might be a little annoyed that the RSPT was announced after their state-owned enterprises had invested tens of billions of dollars in the Australian resource sector but (a) their deals are likely to be the least affected by the RSPT (with a couple of exceptions) and (b) they aren’t necessarily as fixated with profitability as Australian miners.
It needs to be remembered that the Rudd government has hailed the tax – which would be paid largely by the big miners on well-established low-cost and highly profitable mines – as helping to promote hitherto marginal production within the sector. Its initial impact is positive for new and high-cost/low quality mines.
China is unlikely to be fussed if the big iron ore and metallurgical coal producers are less competitive, relative to their international peers, as a result of the tax, given the paranoia of its big steel producers about the level of influence and market power the producers have over key inputs into China’s industrial activity.
Conversely, it is in China’s own long-term interests to encourage new sources of iron ore and coal and other commodities to increase supply, temper price rises and counter the influence of the global resource groups.
Indeed, much of China’s activity in Australia in the past has been focused on the emerging iron ore producers like Fortescue and the Mid West iron ore province, which could be classified as marginal producers.
The memorandums of understanding China Development Bank has signed with Aquila Resources and Karara Mining – they both have West Australian iron ore projects in which there are pre-existing Chinese partners – fit the kind of strategy that is more interested in security of supply, increased supply and wider available sources of supply than in its absolute profitability.
Helping to finance the Oakajee port and rail infrastructure that helps open up the Mid West is a relatively obvious way for CDB to facilitate China’s strategic interests.
There is, potentially, enormous mutual interest in partnering with the Chinese to bring new projects and resource provinces into production.
That, however, doesn’t validate the proposed tax, which would amplify the strategic benefits the Chinese are seeking by slowing expansion of the production of our most efficient iron ore and coal producers – the ones able to use their market position to maximise the value received from exploiting those resources.
The other issue raised by the tax, and one that Fortescue’s Andrew Forrest has been particularly critical of, is that it will effectively destroy conventional project financing because the RSPT applies before financing costs.
To obtain project funding, smaller producers – who traditionally have used project financing to develop their mines – will have to turn to financiers more interested in gaining access to supply than in the security of their loans.
That almost inevitably means bringing in Chinese state-owned enterprises as shareholders and asking the Chinese state-owned financiers for help with the debt component. The impact of the RSPT would dictate that miners looked to financiers less interested in profitability than conventional capital providers.
One suspects that Rudd and Wayne Swan – both very sensitive to the politics of Chinese investment in the past – haven’t properly thought through the implications for Chinese interest in Australian resources of a RSPT that encourages marginal production during a boom, discourages conventional financing and commits the taxpayer to underwriting 40 per cent of the losses in a downturn.
Remember we are not financial advisors.. Sampson management Services (SMS) educate and inform only...We are Asset Management Consultants- we teach you about risk and how to measure that risk according to the international standards on Quality, Environment, OHS, and Risk management in an integrated approach. Ref standards:AS/NZS/ISO 9001, AS/NZS/ISO 14001, AS/NZS/ISO 4804, AS/NZS/ISO 4360.
from "the Business Speculator"
China's RSPT bounty
STEPHEN BARTHOLOMEUSZ The Rudd government's resource super profits tax will force miners to ask China's state-owned financiers for cash, bringing in more Chinese state-owned enterprises as shareholders. 4:13 PM read more
http://www.businessspectator.com.au/bs.nsf/Article/Bartholomeusz-RSPT-iron-ore-China-Development-Bank-pd20100621-6M8YT?OpenDocument&src=pmm
Commentary
4:13 PM, 21 Jun 2010
| More
Stephen Bartholomeusz
China's RSPT bounty
Kevin Rudd might want to characterise the $10 billion or so of deals with China unveiled today during the visit of Chinese vice-president Xi Jinping as evidence that the resource super profits tax is not affecting investment, but then the Chinese are not your ordinary investors.
And, indeed, given that China Development Bank (CDB) features in several of the resource deals signed today, the deals themselves aren’t necessarily conventional resource sector investments.
The Chinese might be a little annoyed that the RSPT was announced after their state-owned enterprises had invested tens of billions of dollars in the Australian resource sector but (a) their deals are likely to be the least affected by the RSPT (with a couple of exceptions) and (b) they aren’t necessarily as fixated with profitability as Australian miners.
It needs to be remembered that the Rudd government has hailed the tax – which would be paid largely by the big miners on well-established low-cost and highly profitable mines – as helping to promote hitherto marginal production within the sector. Its initial impact is positive for new and high-cost/low quality mines.
China is unlikely to be fussed if the big iron ore and metallurgical coal producers are less competitive, relative to their international peers, as a result of the tax, given the paranoia of its big steel producers about the level of influence and market power the producers have over key inputs into China’s industrial activity.
Conversely, it is in China’s own long-term interests to encourage new sources of iron ore and coal and other commodities to increase supply, temper price rises and counter the influence of the global resource groups.
Indeed, much of China’s activity in Australia in the past has been focused on the emerging iron ore producers like Fortescue and the Mid West iron ore province, which could be classified as marginal producers.
The memorandums of understanding China Development Bank has signed with Aquila Resources and Karara Mining – they both have West Australian iron ore projects in which there are pre-existing Chinese partners – fit the kind of strategy that is more interested in security of supply, increased supply and wider available sources of supply than in its absolute profitability.
Helping to finance the Oakajee port and rail infrastructure that helps open up the Mid West is a relatively obvious way for CDB to facilitate China’s strategic interests.
There is, potentially, enormous mutual interest in partnering with the Chinese to bring new projects and resource provinces into production.
That, however, doesn’t validate the proposed tax, which would amplify the strategic benefits the Chinese are seeking by slowing expansion of the production of our most efficient iron ore and coal producers – the ones able to use their market position to maximise the value received from exploiting those resources.
The other issue raised by the tax, and one that Fortescue’s Andrew Forrest has been particularly critical of, is that it will effectively destroy conventional project financing because the RSPT applies before financing costs.
To obtain project funding, smaller producers – who traditionally have used project financing to develop their mines – will have to turn to financiers more interested in gaining access to supply than in the security of their loans.
That almost inevitably means bringing in Chinese state-owned enterprises as shareholders and asking the Chinese state-owned financiers for help with the debt component. The impact of the RSPT would dictate that miners looked to financiers less interested in profitability than conventional capital providers.
One suspects that Rudd and Wayne Swan – both very sensitive to the politics of Chinese investment in the past – haven’t properly thought through the implications for Chinese interest in Australian resources of a RSPT that encourages marginal production during a boom, discourages conventional financing and commits the taxpayer to underwriting 40 per cent of the losses in a downturn.
Remember we are not financial advisors.. Sampson management Services (SMS) educate and inform only...We are Asset Management Consultants- we teach you about risk and how to measure that risk according to the international standards on Quality, Environment, OHS, and Risk management in an integrated approach. Ref standards:AS/NZS/ISO 9001, AS/NZS/ISO 14001, AS/NZS/ISO 4804, AS/NZS/ISO 4360.
Tuesday, June 8, 2010
axe the tax... protest today
Protesters pressure PM to 'axe the tax'
ref http://au.biz.yahoo.com/100609/31/2diqb.html#Scene_1
Wednesday June 9, 2010, 4:09 pm
A 2,000-strong crowd has gathered on Perth's foreshore to protest against the Federal Government's mining super profits tax.
United under the slogan "axe the tax", the protesters rallied outside a hotel where Prime Minister Kevin Rudd addressed a Press Club luncheon.
But Mr Rudd is showing no signs of backing away from his tax reform ahead of his showdown with West Australian mining bosses.
Senior ministers have followed Mr Rudd to the west and will hear first hand what voters think about the tax at a community cabinet meeting this evening.
Mr Rudd will meet Fortescue Metals Group's Andrew Forrest, who has been one of the loudest critics of the tax, ahead of the meeting.
Mr Forrest joined the protesters who included Australia's richest woman, Gina Rhinehart.
She says the time for talking is over.
"Perhaps if there had been negotiations earlier it would have been different, but now the damage to Australia has gone on for too long," she said.
A number of Liberal MPs also attended the protest, including Julie Bishop and Wilson Tuckey, along with WA Liberal Party president Barry Court.
Protest organiser David Flanagan, who runs a junior Pilbara iron ore company, urged the Prime Minister to engage with the mining industry.
He says the Government's proposal to impose a 40 per cent tax on profits above a 6 per cent threshold will hurt.
"This is not big mining that is down there today. AMEC [Association of Mining and Exploration Companies] represents 170 small mining companies that employ between five and 25 people each," he said.
"We employ a lot of working families and we're not being listened to. So this is our best chance of getting our voice heard.
"We want to talk with the Government. We want to engage with the Government, but what's being proposed is going to take money out of the economy.
"If there's less money in the economy, there's less jobs, there's less projects, there's less taxation ultimately collected and that hurts all Australians."
Difficult talks
Mr Rudd is under pressure from mining companies to compromise on the tax proposal, with a strong push for him to change the definition of a "super profit".
He told the luncheon the Federal Government has got the tax rate correct and will help mining companies with generous transition arrangements.
He also defended the industry consultation process underway.
"I am here to listen. I sat down with folk yesterday. I'm sure I'll sit down with Twiggy [Andrew Forrest] before I leave town and probably others," he said.
"This is a democracy and if there are objections and concerns to aspects of the Government's tax reform proposal, it's good that people have the opportunity to put that sharply and to register their views."
Mr Rudd has promised an extra $2 billion will flow to WA through the Infrastructure Australia Fund.
Earlier he told Fairfax radio that talks over the tax will continue, but will be difficult.
"We are engaged in a continuing consultation with them and that will continue into the days and weeks ahead," he said.
"We think these consultations have been productive - we're learning various things from various companies about their individual circumstances, but this will be a very difficult negotiation."
But Federal Opposition Leader Tony Abbott says it is hard to see what compromises the Government can make.
Mr Abbott says the tax needs to be dropped before it causes more damage.
"The problem with this tax is that he can't change it without destroying his budget strategy and he can't keep it without destroying the resources sector's expansion in this country," he said.
"He's in a very difficult position."
Mr Rudd, meanwhile, says a meeting he had with BHP Billiton head Marius Kloppers in Sydney yesterday was cordial and frank.
"I'm always keen to listen to what the mining industry has to say," Mr Rudd said.
"We had a cordial and frank discussion and I'm sure we'll continue to do that in the future."
Remember we are not financial advisors.. Sampson management Services (SMS) educate and inform only...We are Asset Management Consultants- we teach you about risk and how to measure that risk according to the international standards on Quality, Environment, OHS, and Risk management in an integrated approach. Ref standards:AS/NZS/ISO 9001, AS/NZS/ISO 14001, AS/NZS/ISO 4804, AS/NZS/ISO 4360.
ref http://au.biz.yahoo.com/100609/31/2diqb.html#Scene_1
Wednesday June 9, 2010, 4:09 pm
A 2,000-strong crowd has gathered on Perth's foreshore to protest against the Federal Government's mining super profits tax.
United under the slogan "axe the tax", the protesters rallied outside a hotel where Prime Minister Kevin Rudd addressed a Press Club luncheon.
But Mr Rudd is showing no signs of backing away from his tax reform ahead of his showdown with West Australian mining bosses.
Senior ministers have followed Mr Rudd to the west and will hear first hand what voters think about the tax at a community cabinet meeting this evening.
Mr Rudd will meet Fortescue Metals Group's Andrew Forrest, who has been one of the loudest critics of the tax, ahead of the meeting.
Mr Forrest joined the protesters who included Australia's richest woman, Gina Rhinehart.
She says the time for talking is over.
"Perhaps if there had been negotiations earlier it would have been different, but now the damage to Australia has gone on for too long," she said.
A number of Liberal MPs also attended the protest, including Julie Bishop and Wilson Tuckey, along with WA Liberal Party president Barry Court.
Protest organiser David Flanagan, who runs a junior Pilbara iron ore company, urged the Prime Minister to engage with the mining industry.
He says the Government's proposal to impose a 40 per cent tax on profits above a 6 per cent threshold will hurt.
"This is not big mining that is down there today. AMEC [Association of Mining and Exploration Companies] represents 170 small mining companies that employ between five and 25 people each," he said.
"We employ a lot of working families and we're not being listened to. So this is our best chance of getting our voice heard.
"We want to talk with the Government. We want to engage with the Government, but what's being proposed is going to take money out of the economy.
"If there's less money in the economy, there's less jobs, there's less projects, there's less taxation ultimately collected and that hurts all Australians."
Difficult talks
Mr Rudd is under pressure from mining companies to compromise on the tax proposal, with a strong push for him to change the definition of a "super profit".
He told the luncheon the Federal Government has got the tax rate correct and will help mining companies with generous transition arrangements.
He also defended the industry consultation process underway.
"I am here to listen. I sat down with folk yesterday. I'm sure I'll sit down with Twiggy [Andrew Forrest] before I leave town and probably others," he said.
"This is a democracy and if there are objections and concerns to aspects of the Government's tax reform proposal, it's good that people have the opportunity to put that sharply and to register their views."
Mr Rudd has promised an extra $2 billion will flow to WA through the Infrastructure Australia Fund.
Earlier he told Fairfax radio that talks over the tax will continue, but will be difficult.
"We are engaged in a continuing consultation with them and that will continue into the days and weeks ahead," he said.
"We think these consultations have been productive - we're learning various things from various companies about their individual circumstances, but this will be a very difficult negotiation."
But Federal Opposition Leader Tony Abbott says it is hard to see what compromises the Government can make.
Mr Abbott says the tax needs to be dropped before it causes more damage.
"The problem with this tax is that he can't change it without destroying his budget strategy and he can't keep it without destroying the resources sector's expansion in this country," he said.
"He's in a very difficult position."
Mr Rudd, meanwhile, says a meeting he had with BHP Billiton head Marius Kloppers in Sydney yesterday was cordial and frank.
"I'm always keen to listen to what the mining industry has to say," Mr Rudd said.
"We had a cordial and frank discussion and I'm sure we'll continue to do that in the future."
Remember we are not financial advisors.. Sampson management Services (SMS) educate and inform only...We are Asset Management Consultants- we teach you about risk and how to measure that risk according to the international standards on Quality, Environment, OHS, and Risk management in an integrated approach. Ref standards:AS/NZS/ISO 9001, AS/NZS/ISO 14001, AS/NZS/ISO 4804, AS/NZS/ISO 4360.
Thursday, June 3, 2010
xstrata cancells projects
article form todays "The Australian"
KEVIN Rudd is refusing to budge on his super-profits tax after global miner Xstrata suspended $586 million worth of investment in Queensland yesterday, threatening 3250 jobs and triggering calls from Premier Anna Bligh and mining, business and union leaders to start genuine talks and compromise.
The sudden announcement to suspend further investment on the Wandoan thermal coal project and the Ernest Henry copper mine because of the fears over the resource super-profits tax dramatically increased the stakes in the tax war between the Rudd government and the miners because jobs are now at risk.
"Those people who got job termination notices today, this is no longer a war of words," Ms Bligh said yesterday. "This is causing real pain to Queensland families."
Xstrata yesterday cancelled 60 contract jobs after immediately suspending a $400m underground expansion of the Ernest Henry copper mine in northwest Queensland. It had planned to employ 190 people on the project. About $186m worth of work on the $6bn Wandoan mine and other coal projects in the centre of the state have also been suspended. Xstrata said the two projects would have created 3250 jobs, which were now "at risk".
Start of sidebar. Skip to end of sidebar.
Related CoverageTRADE: Minerals drive surplus
XSTRATA: Numbers don't add up for employees
HENRY ERGAS: Going retro with cash grab
IN DEPTH: Henry Tax Review
Rudd's claws out on mining tax Courier Mail, 1 hour ago
Rudd wrong on $6bn venture: Xstrata The Australian, 4 hours ago
Don't believe miners on tax, PM warns The Australian, 5 hours ago
Tax 'will cost Queensland $2.5bn' Courier Mail, 6 hours ago
Xstrata in warning over $6bn coal project Daily Telegraph, 8 hours ago
.End of sidebar. Return to start of sidebar.
Xstrata Coal chief executive Peter Freyberg said the decision was difficult. "This is devastating for the people involved, teams of people I have had working on it for several years - to have that all blown away as a result of a tax we have not seen, where the numbers and the models used is inappropriate for our industry is highly problematic," he said.
The mining sector is running a campaign against the tax and has delayed billions of dollars worth of projects. Yesterday's announcement was the first to directly affect mining jobs, although the tax is also affecting the value of mining companies listed on the stock exchange and held by investors, including superannuation funds.
One of the world's biggest resource fund managers revealed yesterday it had sold down a quarter of its BHP and Rio Tinto holdings because of the proposed tax.
JPMorgan Chase's Ian Henderson said Rio had been his biggest investment, about 4.5 per cent of the $US7 billion ($8.2bn) of resource assets under his control, but he had reduced his holding by about $US100 million. He also made a "reasonably significant" reduction in his holdings of iron ore miner Fortescue, but the JPMorgan funds had increased their stakes in goldminers.
"I'm sorry to say we've reduced our Australian exposure," Mr Henderson told Bloomberg. "I had not thought that the changes in Australia would be quite as drastic as they are proposed to be."
JPMorgan's chairman in Australia and New Zealand is Rod Eddington, a Rio director who this week added his voice to calls for the Prime Minister to restart negotiations with the industry.
Although Mr Rudd declared the government would not be pushed around by the industry, he said he was listening to calls for changes in negotiations for the tax. And Resources Minister Martin Ferguson said the mining companies and the government now agreed the debate was really about "how much tax is collected, how it's collected and who collects it".
Ms Bligh called for the Rudd government and miners to "get on with solving" the dispute over the 40 per cent tax on resource super profits. "I would urge both the federal government and the mining companies to get around the table, put down the baseball bats, stop the advertising and get on with solving it," she said. Australian Workers Union leader Paul Howes, whose union has funded advertising supporting the tax and attacking mining industry bosses, said last night Xstrata was a "good employer" but on this occasion, "I smell a rat and think they may have been led into an ideological argument". "It's a pretty ugly move and I don't believe it's because of the RSPT," Mr Howes said.
But he said it would be best for both sides to negotiate in "a cool and calm atmosphere".
"There's a case for everyone to take a step back and have some proper negotiations," he said.
Last night, Mr Freyberg slapped down the suggestion that suspension of the Queensland projects was a tactical ploy by the company in the mining industry's campaign against the tax. He said that after crunching the numbers on the tax, Xstrata had concluded that net profit from the new mine at Wandoan would fall from nearly $500m to "near zero".
Xstrata chief executive Mick Davis said the tax had "created significant uncertainty for the future of mining investment into Australia and would impair the value of previously approved projects and exploration to the point that continued investment can no longer be justified".
BHP Billiton chief executive Marius Kloppers also called last night for the government to change the terms of negotiations to avoid "massive unintended consequences" of the mining tax.
Infrastructure Australia head Rod Eddington, who advises the Prime Minister; the chairman of Qantas, Leigh Clifford; and the Business Council of Australia have also called on the government to enter serious negotiations on the new tax.
But Mr Rudd told parliament the government would not be bullied. "This government will not be intimidated by the statements of any mining company, foreign or domestic," he said, accusing the opposition of taking funding from the industry. "This government does not stand here as the puppet of parts of the mining industry, as those opposite do; this government stands here to act in the national interest on behalf of all Australians."
Remember we are not financial advisors.. Sampson management Services (SMS) educate and inform only...We are Asset Management Consultants- we teach you about risk and how to measure that risk according to the international standards on Quality, Environment, OHS, and Risk management in an integrated approach. Ref standards:AS/NZS/ISO 9001, AS/NZS/ISO 14001, AS/NZS/ISO 4804, AS/NZS/ISO 4360.
KEVIN Rudd is refusing to budge on his super-profits tax after global miner Xstrata suspended $586 million worth of investment in Queensland yesterday, threatening 3250 jobs and triggering calls from Premier Anna Bligh and mining, business and union leaders to start genuine talks and compromise.
The sudden announcement to suspend further investment on the Wandoan thermal coal project and the Ernest Henry copper mine because of the fears over the resource super-profits tax dramatically increased the stakes in the tax war between the Rudd government and the miners because jobs are now at risk.
"Those people who got job termination notices today, this is no longer a war of words," Ms Bligh said yesterday. "This is causing real pain to Queensland families."
Xstrata yesterday cancelled 60 contract jobs after immediately suspending a $400m underground expansion of the Ernest Henry copper mine in northwest Queensland. It had planned to employ 190 people on the project. About $186m worth of work on the $6bn Wandoan mine and other coal projects in the centre of the state have also been suspended. Xstrata said the two projects would have created 3250 jobs, which were now "at risk".
Start of sidebar. Skip to end of sidebar.
Related CoverageTRADE: Minerals drive surplus
XSTRATA: Numbers don't add up for employees
HENRY ERGAS: Going retro with cash grab
IN DEPTH: Henry Tax Review
Rudd's claws out on mining tax Courier Mail, 1 hour ago
Rudd wrong on $6bn venture: Xstrata The Australian, 4 hours ago
Don't believe miners on tax, PM warns The Australian, 5 hours ago
Tax 'will cost Queensland $2.5bn' Courier Mail, 6 hours ago
Xstrata in warning over $6bn coal project Daily Telegraph, 8 hours ago
.End of sidebar. Return to start of sidebar.
Xstrata Coal chief executive Peter Freyberg said the decision was difficult. "This is devastating for the people involved, teams of people I have had working on it for several years - to have that all blown away as a result of a tax we have not seen, where the numbers and the models used is inappropriate for our industry is highly problematic," he said.
The mining sector is running a campaign against the tax and has delayed billions of dollars worth of projects. Yesterday's announcement was the first to directly affect mining jobs, although the tax is also affecting the value of mining companies listed on the stock exchange and held by investors, including superannuation funds.
One of the world's biggest resource fund managers revealed yesterday it had sold down a quarter of its BHP and Rio Tinto holdings because of the proposed tax.
JPMorgan Chase's Ian Henderson said Rio had been his biggest investment, about 4.5 per cent of the $US7 billion ($8.2bn) of resource assets under his control, but he had reduced his holding by about $US100 million. He also made a "reasonably significant" reduction in his holdings of iron ore miner Fortescue, but the JPMorgan funds had increased their stakes in goldminers.
"I'm sorry to say we've reduced our Australian exposure," Mr Henderson told Bloomberg. "I had not thought that the changes in Australia would be quite as drastic as they are proposed to be."
JPMorgan's chairman in Australia and New Zealand is Rod Eddington, a Rio director who this week added his voice to calls for the Prime Minister to restart negotiations with the industry.
Although Mr Rudd declared the government would not be pushed around by the industry, he said he was listening to calls for changes in negotiations for the tax. And Resources Minister Martin Ferguson said the mining companies and the government now agreed the debate was really about "how much tax is collected, how it's collected and who collects it".
Ms Bligh called for the Rudd government and miners to "get on with solving" the dispute over the 40 per cent tax on resource super profits. "I would urge both the federal government and the mining companies to get around the table, put down the baseball bats, stop the advertising and get on with solving it," she said. Australian Workers Union leader Paul Howes, whose union has funded advertising supporting the tax and attacking mining industry bosses, said last night Xstrata was a "good employer" but on this occasion, "I smell a rat and think they may have been led into an ideological argument". "It's a pretty ugly move and I don't believe it's because of the RSPT," Mr Howes said.
But he said it would be best for both sides to negotiate in "a cool and calm atmosphere".
"There's a case for everyone to take a step back and have some proper negotiations," he said.
Last night, Mr Freyberg slapped down the suggestion that suspension of the Queensland projects was a tactical ploy by the company in the mining industry's campaign against the tax. He said that after crunching the numbers on the tax, Xstrata had concluded that net profit from the new mine at Wandoan would fall from nearly $500m to "near zero".
Xstrata chief executive Mick Davis said the tax had "created significant uncertainty for the future of mining investment into Australia and would impair the value of previously approved projects and exploration to the point that continued investment can no longer be justified".
BHP Billiton chief executive Marius Kloppers also called last night for the government to change the terms of negotiations to avoid "massive unintended consequences" of the mining tax.
Infrastructure Australia head Rod Eddington, who advises the Prime Minister; the chairman of Qantas, Leigh Clifford; and the Business Council of Australia have also called on the government to enter serious negotiations on the new tax.
But Mr Rudd told parliament the government would not be bullied. "This government will not be intimidated by the statements of any mining company, foreign or domestic," he said, accusing the opposition of taking funding from the industry. "This government does not stand here as the puppet of parts of the mining industry, as those opposite do; this government stands here to act in the national interest on behalf of all Australians."
Remember we are not financial advisors.. Sampson management Services (SMS) educate and inform only...We are Asset Management Consultants- we teach you about risk and how to measure that risk according to the international standards on Quality, Environment, OHS, and Risk management in an integrated approach. Ref standards:AS/NZS/ISO 9001, AS/NZS/ISO 14001, AS/NZS/ISO 4804, AS/NZS/ISO 4360.
Sunday, October 11, 2009
ABY
Aby is still powering away now at 1.55 (I bought some in march 09 when and it had dropped to 11 cents.. still have some left from that price.
Atn is another copper explorer and up today to over .078 - nearly double . Friday it was .04 cents
there are heaps of cheapies. Buy now..
Remember we are not financial advisors..
Sampson management Services (SMS) educate and inform only...We are Asset Management Consultants- we teach you about risk and how to measure that risk according to the international standards on Quality, Environment, OHS, and Risk management in an integrated approach.
Ref standards:
AS/NZS/ISO 9001, AS/NZS/ISO 14001, AS/NZS/ISO 4804, AS/NZS/ISO 4360.
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