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Mining Tax Grab - How will it pan out?

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todster said:
No the 9 billion for coal mine rail and load out facility near Bowen in QLD
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LOLOL .... so Clive Palmer had not been working on this deal previously? Hahahahahhaaaaaa ...... Coal has been mined at Alpha since 1908.

One of the deals relates to mining magnate Clive Palmer's plan for a $6.5 billion coal mining project.

This includes:

$2.1 billion for a 490km train line between Alpha and Bowen;

$3.18 billion for mine equipment and infrastructure construction;

$1.27 billion in port construction at Abbot Point near Bowen.

Chinese Vice-President Xi Jinpeng inked the deals in meetings with Prime Minister Kevin Rudd.

China is Australia's largest trading partner, and its thirst for iron ore and natural gas helped keep Australia out of the global recession.

http://www.townsvillebulletin.com.au/article/2010/06/22/148235_news.html

So the Chinese just woke up one morning and said "Gee ... we should go and buy a coal mine today in QLD". So going on your thought process these mines just spring up overnight with no planning or EXPLORATION first?

Also please note on my post the word EXAMPLE in bold and sized font for clarity.
 
drsmith said:
If Ken Henry had his way, a resources super profits tax would just be the beginning.

http://www.theaustralian.com.au/new...ider-profits-tax/story-e6frg6nf-1225882484014
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Loved this part of the article - "Dr Henry said variants on this system had been trialled in Croatia, Brazil, Italy, Austria, Belgium and Latvia, and offered the "least-resistance path of reform". However, an IMF study said most of these countries had since abandoned that tax system."

Beautiful ....... just beautiful.
 
trainspotter said:
Mining in the meantime just kept on chugging away in the background employing people and selling our iron ore and LNG offshore.
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Actually if the rest of the economy had shed jobs like mining during the GFC the unemployment rate would have been around 19%.

We were lucky this time around but don't count on it again as Europe slides deeper, China exports far more to Europe than USA and a double dip 2011 is really on the cards for the US economy, Europe is pretty much a given for a serious down turn.

The idea that mining billionaires try to dictate how this country is run to a sovereign government is sheer arrogance.

As for Twiggy I know his past very well enough said.
 

Contrary view but thinks the rate is set to high

"In Canada there's a very similar regime for the oil sands for example, as well as the BC [British Columbia] mining tax is a similar one as well," he said.

http://www.abc.net.au/news/stories/2010/06/22/2934004.htm
 
todster said:
4) Who cares that billions of dollars of exploration and mining have been shelved or abandoned?
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China to invest $10 billion in aussie resources in a deal signed today[/QUOTE]

SHELVED or ABANDONED
 
I thought you might of got excited with new choo choo trains and all
 
Todster, where actually is the 10 billion going to be spent?
 

WTF? Pretty big IF attached to the statement of mining companies shedding jobs during the GFC. Just goes to show how fragile they are to things like "credit crunch" and and GFC and oh oh ... RSPT and such like things. IF the credit crunch did not happen then no jobs would have been lost "IF"

You forgot to add to the middle statement "In your opinion". What has luck got to do with it? Firstly there was the GFC – a deep freeze in global interbank lending as housing markets collapsed across the western world. Australia avoided this almost entirely by deploying the government balance sheet in support of our bank/housing complex, which owed roughly $400 billion in overseas debts. These loans were going to be called in until the government guaranteed them. The banks' lending was kept within sensible limits by the Australian Prudential Regulation Authority and their own management teams. (cut and pasted from one of my previous posts)

Arrogant mining billionaires dictating to a Government? No seriously ...... is this how you see this playing out before your very eyes iFocus? You have got to be kidding me ?? I thought this kind of attitude was left with the canary and the pit pony down the mines back in the early 1900's. Are you some kind of union boss or something? They are not trying to tell the in situ Government how to run the country? Do you not see it as a company protecting their rights to earn money in the existing framework that has been provided by the very Govt that is trying to tax them more than what they are willing to withstand? Do you think that jobs will be lost and mining exploration will be wound back? Is it possible the very same companies may invest more overseas and less here? Or how about this for a very quirky idea. Instead of making "SUPER PROFITS" (above the govt bond rate of 6%) why don't they get really creative with their accounting so the mines they operate actually never run at this SUPER level.

As for Twiggy and his past if you have some dirty laundry to air or a skeleton in his closet that you know of or even better yet some photos of him performing unnatural acts you had better lay them on the table. Enough said !! EVERYONE knows Twiggys past for CHRISSAKE. It is on public record.
 
todster said:
China to invest $10 billion in aussie resources in a deal signed today
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SHELVED or ABANDONED[/QUOTE]

LOL todster .... you are a piece of work my fellow ASFer. Missed the point completely that I was attempting to make very clear. Oh well ... better luck next time.

For Julias sake the 10 billion is actually 9 billion and it is the Clive Palmer deal that has been going for about 2 years now that China has finally committed to spend the money on the infrastructure so they can get the coal out of QLD.

FEBRUARY 6th 2010 - Queensland billionaire Clive Palmer has signed a deal to sell millions of tonnes of coal to China in what's believed to be Australia's largest export contract.

Mr Palmer says the $69 billion, 20-year offtake deal was signed last Friday with China Power International.

Another $8.6 billion agreement was signed with the Metallurgical Corporation of China to build the project in central Queensland.

http://www.abc.net.au/news/stories/2010/02/06/2812195.htm here is the link.

Mr Palmer's Resourcehouse wants to develop a 40 million-tonne-a-year thermal coal mine in the Galilee Basin, near Alpha, west of Emerald.
 
If the underlying philosophy of Henry is to apply a super profits tax to all corporate profits above a pre-defined rate of return (10-yr govt bond) and underwrite losses at the same tax rate, then the broader question is whether this is too socialist relative to the global economy as a whole ?
 
I concur drsmith. Reformist government is beginning to sound and smell like socialist government IMO.
 
trainspotter said:
I concur drsmith. Reformist government is beginning to sound and smell like socialist government IMO.
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Rudd and his gang keep harping on the theme that reform is hard. Under no circumstances can the attempt to part socialise the resources industry be considered as reform.

Rudd squibbed the Henry concept of tax reform and selected mining as his victim as it offered the best opportunity to fund his other handouts to woo voters. He assumed that the tax would be popular if he used the concept of robbing the rich to give to the poor.

He misread the electorate.
 
ROE said:
Rudd is finished ... Next leader will abandon the tax and blame it on him
for making such a silly decision

http://www.abc.net.au/news/stories/2010/06/23/2935224.htm
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Is that possible, given the tax was cooked up by the so called gang of four, including Julia Gillard herself?

RamonR said:
I certainly hope so.
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What do you think will be better if Ms Gillard takes the leadership, Ramon?
How do you think the Opposition's chances of winning the election will be affected if Rudd is swapped for Gillard?
 

Anything is possible in politics when you poll so badly...
even Jonhny can pull off they throw the kids overboard, are these human ?

Without Rudd and Mining Tax gone labor win easy and throw Ken Henry out wins my votes
cant stand the guy. Look at me I know it all, he need to do a tour of duty over WA, put on hard Yakka shirt dig a few holes under 40 degree heat instead of sitting in an air conditioning office and
dream up these super profit tax

and I have not one mining shares in my portfolio except FGE which is a mining service company which operate mostly out of Africa
 
Julia said:
What do you think will be better if Ms Gillard takes the leadership, Ramon?
How do you think the Opposition's chances of winning the election will be affected if Rudd is swapped for Gillard?
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She can immediately announce the death of the RSPT.
I think the chances are better for labor if she is the leader instead of Rudd.

I honestly was a life long labor voter and would have voted for liberals instead of Rudd.

I expect that labor might revive RSPT but ensure it is done right, no retrospectivity to it.
 
Hmmmmmm ..... Twiggy Forrest gave her a very warm welcome when she was in WA in the form of a very robust hug and a smooch on the cheek. Is this an arrogant billionaire miner manipulating the Government IFocus? Afterall she will be the new PM very soon. *DING DONG the witch is dead* RSPT will be wound up quicker than a rat up a drain pipe.
 
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