To be fair to Clive, reluctance to invest may also be because of...

To be fair to Clive, reluctance to invest may also be because of the general invetment environment and perceived political risk of this disasterous Labor government who want to kill the mining boom by making investment here difficult. There's a road block at every turn.......investors will go for the path of least resistence and risk.

The sooner the coalition can steam roll the Greens/ Independents and Labor the better imo. Things are becoming farcical........Lets all hope for a by-election upset as the catalyst for fresh elections soon.

Unfortunately for Big Clive he has been so vocal against Labor anything he needs from the federal gov't will be stalled / stone walled.

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Sinosteel joins in warning of investment deterrents Peter Ker July 8, 2011

CHINESE state-owned Sinosteel says the Gillard government's proposed mining tax is just one of six ''ever-increasing'' concerns it holds about conducting business in Australia, reinforcing the controversial views aired by a Chinese diplomat this week.

The warning from the diplomat, Ouyang Cheng, that Chinese investors were worried about the mining tax comes as Mozambique revealed it was set to become the latest nation to follow the ''resources nationalism'' trend and take a bigger slice of its mineral wealth.

Mr Cheng warned it would be difficult for Australia and China to maintain a healthy relationship unless Australia opened up and reformed its economy to become more welcoming to China.

He said the mining tax proposal was of particular concern, and he was collecting views from Australian-focused Chinese firms to present at a meeting between the Chinese and Australian governments.

Sinosteel - which recently threw plans for a new port in Western Australia into chaos by mothballing its Weld Range iron ore project - confirmed it held concerns, but these were not limited to the mining tax.

The company said it was also seeking advice about Australia's carbon tax plans, rising mining royalties, increased local government levies, difficult and costly environmental approvals and possible increases to fuel excise levies.

Sinosteel said it did not have plans to be part of any government meeting, and was rather transmitting its concerns to industry bodies like the Association of Mining and Exploration Companies.

The federal government was coy about Mr Cheng's claim to be preparing a special forum on Chinese mining tax concerns. Fergus Maguire, a spokesman for the Treasurer, Wayne Swan, said details of any meetings would be made public ''at the appropriate time''.

Despite controversy around the mining tax, Australia is one of many nations seeking to increase its take from mining wealth.

China itself has been accused of hoarding supplies of certain minerals, while Chile, Namibia, Guinea, Canada and Bolivia have all recently intervened in taxation, exploration or takeover laws to improve the public share of mining wealth.

Mozambique, one of Africa's poorest nations, joined that list this week when its mining minister confirmed the country would revise its mining laws before the end of this year to give the state a greater share.

The changes are expected to affect all minerals, although Mozambique has indicated the percentage take was still up for discussion.

Mozambique has coal and ilmenite deposits which are mined by companies including Rio Tinto. Rio Tinto shares fell 5? yesterday to close at $83.55.


Read more: http://www.smh.com.au/business/sinosteel-joins-in-warning-of-investment-deterrents-20110707-1h4p4.html#ixzz1RSxaI2Ef