That is the problem. The IO sector especially for the near term...

That is the problem. The IO sector especially for the near term producers and the major producers are getting a stock value re-rating. I don't know what the ratio of a plain 'back of envelope' valuation to the 40% Super tax is but I can say that it will be quite substantial to NPV. Newcrest thinks 5% for a start. I am told that there is some brokers coverage that seem to suggest form a low figure of 2% to 15%.

I thought it was cheap last week when I bought more of another IO stock but Rudd has just introduced a new round of uncertainty to this equation. According to his Perth interview, we should be comparing the profits mining companies make to the standard government bonds rate and anything over that is super profits. I think maybe we are better off with this kind of risk profile to invest in the 4 banks. The profits stays in Oz and the Rudd will not be complaining too much when they keep making record profits because we can't let them fall.