RIO has criticised Twiggy's suggestion of moderating production to meet
demand which to say the least seems perplexing.
The ass has fallen out of RIO's share price due to IO halving in price.
Commentators have clearly blamed major miners for this oversupply
and one does not have to be Einstein to realise the RIO is a leading producer.
RIO is using $2 billion of shareholders' funds to prop up a declining
shere price which could be reasonably said to be partially self-inflicted
due to Rio's significant contribution to this over production.
The Taxpayer has given RIO (mostly foreign owned) a big tax concession by the repealing
the MRRT & the CO2 tax. The least that Rio can do now is to recognise
these tax concessions by joining Twiggy moderating production and achieving
reasonable IO prices for WA & Australia rather than leaving a wasteland of holes
in the ground in its wake like Birdshit Island.
mm
