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Rudd's policies are treason so I do not accept he is mainstream. He is playing the "tax the rich" card to appeal to his traditional union base and the "intellectual" lefties and public servants who will love the idea of being the new middle class with guaranteed benefits while the rest of us...

Obviously I mis-read something but I have read a lot. Is price around $200 today? This tax will wipe out more than the freight costs you mention. Under the old annual contract China negotiated a FOB price and picked up the extra costs from Brazil. They aren't fools and know they must have...

At least you are aware of what we think but have been too polite to say.

Shipping from West OZ compared to Arfica can differ by 20 up to 50 bucks per ton... While the Super Tax adds a mere $400/t. I'm willing to bet that both RIO and BHP have some projects ready to go in Africa or India. I don't know how big a resource but NSL has an iron project in India able...

I think something more sinister.

Aussie, the infrastructure you speak of is already working to full capacity. The 50 bil that RIO says they won't spend in WA was to be on infrastructure which they can build elsewhere. A JV with Vale in Brazil? South Africa where there is a workforce (ex gold mines) already? A new rail line from...

You have just destroyed your own argument. The multis indeed have no allegiance to Oz and it would be far cheaper to pay the little bit extra freight on iron from SA than pay the super tax here. I believe the multis will organise a strike of capital. Why wouldn't they? Australia doesn't have...

http://www.theaustralian.com.au/business/mining-energy/rio-tinto-shelves-billions-in-projects/story-e6frg9df-1225862783233 More than half my mining shares are listed in Canada and the mines in Africa so I have avoided the worst of this.

Absolutely!

Actually I'm upset that we have a corrupt government. Are you another Commie who wants every one else's business taxed to oblivion? The banks make more than our miners so if the principle is expanded, how much of "other peoples money" will be available for property speculators?

There seems to be a lot of misunderstanding of this tax but I'm reluctant to go into detail myself because there is still quite a bit we don't know. Firstly, it is a tax on profits. The Feds grab 40% of the sales of each individual mine after state royalties, expenses and other "allowable"...

Why just tax them? We can follow the example of those other beacons of good governance Chevez, Mogabe and the sheiks and nationalise them.

Got some sad news for you DB. There'll be more of the same today. :( There are no printable words which could adequately describe my disgust of Rudd. Trouble is, all the leaches in the country will think he's a jolly good fellow for giving them all that free money and then grabbing it back...

Be fair TC. Gough at least had some G&D.

Dunno. There would be a lot of people like me who are heavily into miners for well considered reasons who might not agree that a 3% fall is no big deal. Personally I only have a modest holding in Santos, the only one of mine affected today. I have had a general unease about Aussie miners...

If there's a knee-jerk sell off of the big diversified miners I might have some. Not FMG though. It's May Day here tomorrow but I assume you southerners are going to work?

A horse of a different colour. Only a small percentage of shares are held in margin accounts and even then there is no way you can gear up to 90%. Most guys keep gearing to 50% or less. Any change would be of little interest to most and would not affect markets. You can't get margin on spec...