In 1973 I was a naive 19 year old and had just started work with Mt. Newman Mining Company in Port Hedland. We spent the first two days learning about the company and the mining and shipping of iron ore.
During this time I asked why we aren't turning iron ore into steel ourselves. I remember the condescending looks but essentially it came down to money. Nobody was willing to borrow the money to build steel mills in the Pilbara. As far as our politicians were concerned the Pilbara was an outpost and if they could make a bit of money from it, fine.
Now I'm turning 65 and I have an idea why we throw away our opportunities. We talk about Aussie grit and determination and drive but unfortunately it's just that, talk. Politicians are more concerned with the next election than making our country successful. We have a myopic view and are so concerned with cutting costs that we've lost any vision of what is possible and I can't see that changing anytime soon.
ADO Price at posting:
1.8¢ Sentiment: Buy Disclosure: Held
