For anyone who is even slightly interested in the proposed Iron Ore Inquiry consider the following:
When Iron Ore mining first commenced it was done so under an act of WA called the State Agreements Act.
The long and the short of it is that both RIO and BHP (and their JV partners) were I believe contractually required to commence STEEL PRODUCTION in WA within 30 years of commencement of mining. Anyone recall HBI (BHP's $7billion disaster) and HISMELT (Rio). Both plants were operating in time to meet the obligations under State Agreement.
HOWEVER. There appears to be nothing in the STATE AGREEMENT requiring continued STEEL PRODUCTION while the companies rip the resources out of the northwest and ship it off shore. Both HBI and HISMELT are now vacant land unless something else has popped up in their place.
As to TRANSFER PRICING, a detailed review will demonstrate that Singapore makes a whole lot of money out of the mineral resources of Australia. Both through company profits and Singapore taxation.
If Australia as a sovereign nation is to survive LEADERS are required who will do the job they are employed to do.
FREE MARKET does not mean sell your children down the river.
