The Rape and Pillage of Australian Resources
I got a bunch of emails from people suggesting that things may have been "overstated" in yesterday's Aussie Rant that I slapped together after watching some rubbish being reported about how good things are down here on a business channel. Fair enough. Here's a few "off the top of the head" recent happenings illustrating the Australian Government's inability to protect our "National Interest".
Let's start with resources:
I mentioned the big sale of Western Mining Corporation (WMC) to Xstrata Plc, incorporating Olympic Dam amongst other huge assets like:
It is noted that Glencore, as a major shareholder of Xstrata (17% or more depending on their noted relationship with the no 1 Shareholder), is a PRIVATELY OWNED company, and that is, in itself, reason to question any sale, especially regarding Uranium.
We also recently sold Mount Isa Mines (MIM Holdings) also to Xstrata Plc for bugger all, which should also have been stopped by the Government on National Interest grounds, in my opinion.
Glencore have also been heavily involved in the Nickel industry down here through majority ownership of Anaconda Nickel's Murrin Murrin, which is one of the controversial large new Lateritic nickel deposits in Western Australia, as well as sniffing out the Bulong Nickel Project, similar and also in WA.
I have nothing against Glencore, smart players in my book, but I take exception to my Government's inability to look after its own citizens assets and future wealth!
I had a little dig around on the top 10 producing Goldmines in Australia, not including the big poly-metallics like Olympic Dam and Broken Hill(who wouldn't make the top 10 anyway), and not an ounce is produced by an Australian Owned company. This is an example of what our Government has allowed over the last 7 or so years. A full-blown National Disgrace! It may be a little dated but you get the picture. Remember that we are the 2nd biggest gold producer in the world so this is not insignificant!
Top 5 ...
Kalgoorlie Super pit - Newmont (NEM - USA) and Barrick (ABX - CAN)
St. Ives - Goldfields International (Sth Africa)
The Granites - Newmont (USA)
Granny Smith - Placer Dome (PDG - Canada)
Sunrise Dam - AngloGold Ashanti (AU - Sth Africa)
Others close up in size are Bronzewing owned by Newmont (USA)and Paddington by PlacerDome (Canada). Only Newcrest and Gwalia are of size down here and are still "kind of" OURS.(For the time being).
Then we have the BHP-Billiton merger. BHP was known as THE BIG AUSTRALIAN. These guys were into Steel production and fabrication, multi mineral mining on 4 continents, gas and oil... you name it they were in into it. They were a local global player who copped the rough end of the pineapple, IMO. Anyone who can't see that this "merger" was a European backdoor takeover has blinders on.
I won't even go near the agriculture side of things!! How depressing.
Anyway, enough said. We've got two-fifths of sweet FA left and anything that we do own down here is available for sale, no matter how strategically important to the country or its future. The Government has said so by its past actions. My kids won't have a brass razoo left as a national asset by the time these donkeys are finished with the country.
I had a mail come through from Minyan John, looking for 1-1 versus the dollar sometime in the next five or so years. I dunno if that's much of a chance going off what value there is left in this country, from what I see(not advice). Even our Reserve Bank sold out all our gold reserves.
Anyone can check how stuffed our infrastructure is. Health, transport and education just for starters. Just keep an eye on our local papers. Everyone is bitching. It is very seriously inadequately funded and in total disrepair, yet the State government says it's running a budget surplus, as is the Commonwealth. Best they start spending some of it before people start hitting the streets. It all just doesn't add up to me.
Sorry John, but things aren't as "golden" down here as many would believe. You've just gotta scratch the surface.
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