Barnett takes swipe at Rio, BHP, page-6

Am I correct in thinking the royalties are based on the iron ore price??
Hmmm, so RIO, BHP, Vale get the price way down, smash their cost base after decimating competition to regain some of the profit and China gets a whole bunch of cheap Iron ore without propping up the Oz economy - allowing them to pretty much then do as they like with Oz govts begging for investments.
Easy to see who wins here, maybe the einstiens in Oz politics should have a careful think about who their friends really are and diversify.