Herman

PB, did you see the press reports yesterday about Xstrata Coal buying MIM? That will mean that Australia's number one economic export, coal, is entirely under foreign control. Its actually a disaster for Australia, but nobody seems to care. You've got to wander just how much these foreign owners will care about the devastating environmental impact of open cut mining. I suspect now the royalties paid to the government by these mining companies will escalate but that this will be considered as the 'price' for being able to rape and pillage the Australian environment. Its a sad day for this country.

Megalania

I imagine that the MIM shareholders will be reasonably happy with the payout. They have had a few ups and more downs over the years and dividends were never marvelous.

As you say, the gov't has less need to hold punches on royalties, rail charges, environmental levies etc - won't upset too many voters if they are a little tough.

Herman, you probably see it clearer than most - where will shareholders park the spoil?

Herman

I can't discuss it because, well, lets just say I have been intimately involved in the deal!

Megalania

My mouth, not my money, is some of the dosh will be used to buy the profitable end of the business, suppliers and facilities.

Herman

I could'nt possibly comment.

;-)

pommie bastard

The biggest mine companies here are UK owned BHP and Rio-Tinto most of the rest are under American or Jap control a few still are Aussie owned .
The Australia economy is in foriegn hands , the bigger companies have moved head quarters to London inorder to raise cash on the British stock exchange .
This country is an on the edge of becoming Keatings banana republic , any loss of confidence and the money brokers will pull the plug.

Megalania

Who stepped on The Guardian / Paul Matters toes?

BHP-Billiton: national sell-out

S African mining firms resist land law

Looks like South Africans will keep Aus city real estate prices on a roll for a while.


Does it matter where these companies are headquartered? Suspect they'll act the same regardless.

The Aus economy has been in foreign hands since the British invasion in 1788. In business you are not your own boss, all your customers are your boss. Aus economy is heavily reliant on trade, trading customers call the shots. While minerals are the bulk of Aus exports, mining is only a few % of the Aus economy.

The London Stock Market investors have been an easy touch over the years. Some wonderful scam stories from the Gold Rush.

Thank god Keating slipped on his own banana, but that's Aus: droughts and flooding rain.

pommie bastard

You boys thought that a 100 years ago that Australia could have self rule , now the people that run it sit in London not Sydney.
Without mining revenues there would be no Australia , WA is the State that keeps the rest.
London is the one of the worlds biggest money markets it creates great wealth , thats why Aussie companies are flocking there.
Never a borrower or lender be , goes the saying say but in this day and age debt is the great enslaver.



http://www.amec.asn.au/ECONPACK2001.doc

Megalania

The people that run Aus mining live in Aus, the poor beggars who own it do so all around the world including Aus, a very few head officers sit in London dreaming of how to keep the poor beggars begging.

Aus Mining $40 G
Aus GDP $A660 G
Ratio: 40 / 660 = 0.06 (6%).

Not saying mining is not an important factor (imagine having NO mining), but the Aus annual grocery bill is much larger. Mining is more important to WA.

Keep sending the money.

Never had any debts so I'll have to take your word. Must say its rather nice being an enslaver most of the time.

pommie bastard

The figure you quote is only WA mining not Australia wide , take this out of Australias economy and whats left retail and sheep farming?
Most of manufacturing , and food industries are not Australian owned you have little control of the countries future its planned for you.

Megalania

Just quoting the Aus wide mining numbers from the source you provided, is it wrong?

So what do you suggest, Nationalization? Poms made a right balls up of that, you still smarting, Vehemence of the Recently Converted?

And who is master of your destiny?

pommie bastard

The companies that own Australia are Public companies including the Brit ones .
There are still lots of under performing Nationalized companies in Australia far more than the UK and run very poorly.
Could it be Australia has never got out of jail just changed wardens?

Megalania

Had a tug at the Draught Horse Widdle for lunch?

In case it has slipped your mind temporarily, "Real Estate" means something like that which is owned by the State and is Leased out to Privateers for a Royalty. So the foreign devils only hold a lease until the State decides otherwise.

Haven't seen the warder since last Income Tax Return, you had your whipping lately?

pommie bastard

Nice try Pal but have a go at taking the Real Estate back and the rubber dollar would be wiped out.
The foreign devils play the tune you dance and pay the piper ,I pay me dues each fortnight to keep the wasters and unemployable goverment workers .

Megalania

Actually, getting a bit concerned with the bouncing $A, cutting into me Royalties from Yankie and Pommie Lands.

Think I should try talking up Nationalization before each quarter's Royalty cheque? Seems a bit risky, might crack the whip rotten scoundrels.