Rudd has basically made the going offshore option look really good now. Many new mining destinations are now rubbing their hands with glee. Makes Africa and any where else for that matter look good. I believe that this new tax grab is for Australian based mining companies. I have not seen anything that shows me that companies like RIV that will be mining in Mozambique will be hit with the tax. Does this mean that the larger mining companies will now start to buy more off shore assets in order to make up for the tax grab? Does this mean that India and China will now step up their take overs of off shore assets [like riv] in order to remove the cost? Perhaps companies like Fortescue and Atlas are sells now. I am sure the analysts will change a lot of valuations out of this.Rudd was unable to get an ETS to work , so his next best step was to simply tax the companies directly and call it a 'super tax'. Why don't they 'super tax' the Australian banks that have been making tens of billions of dollars pa out of all of us?
RIV Price at posting:
$9.11 Sentiment: Buy Disclosure: Held
