" If the Government of WA has obviously made a mistake in permitting the big 3 to
over produce "
Well they wanted them to over produce,when the IO price was a $120 per ton MM,they were making a Motza on the royalty's.
Indeed the budget forecast was predicated on the IO price remaining at $120 per ton,this has been the governments problem.
The two majors bhp and rio have in their contracts with the WA state government and the federal government,that they must seek the best Iron Ore price, flooding the market does not acheive the best price quite the contrary.
The WA government owns the port where the ore is shipped from they could control the export of Iron Ore if they chose to.
Lets not forget ginas Iron Ore hasn't come on stream yet.
