Gina Rinehart is an interesting lady. Written off as no more than an heiress riding on her prospector fathers coattails she has become the wealthiest (on paper anyway) person in Australia.
He father was the legendary Lang Hancock, the man whos company pretty well started Australia’s Iron ore mining boom.
It’s difficult to think, Australia at one stage actually had a ban on exports of Iron ore because the governments of the day believed we were short of the stuff. Lang and his co-workers proved up vast tracts of iron reserves, and the industry was started.
I admit myself to thinking Gina would turn out to be a passive, or unwise heiress, boy was that wrong. She spent millions fighting various court battles to keep her company together.
Now have a read of this speech she gave at the start of her new coal mine, its a pretty precise dressing down of the “looters” mentality.
“For the cost of building this trial mine alone, I could have bought myself a beautiful new private jet, But you’ve seen those trucks and shovels out there. Who would be paying the wages of these contractors if I had spent that on a luxurious private jet and two pilots?
“Indeed, for the further costs of paying my terrific staff working hard on these projects and the consultants’ studies for the pre-feasibility study and the bankable feasibility study and now value engineering, together employing hundreds of people, I could have dotting for myself one or two beautiful yachts like many of my friends have and employed six or more yacht crew and taken off.”
She was apparently a little sharp on the imposition of new taxes into Australian mining as well.
“Rinehart also attacked the “left-wing media” for suggesting she was being greedy and attacking the taxes out of self-interest when she could afford to pay more. She argues it is all about Australia’s ability to compete and that Canberra simply doesn’t understand this…”
Absolutely right, shes as rich as Croseus, she could stick every cent she has into government bonds and still be unable to spend the income. Instead she risks her capital and employs thousands of people.
Rinehart was certainly keen to explain her views to those who had travelled long distances to get to the Alpha mine site. The audience, which included her daughter and son-in-law, included potential clients and companies involved in the project as well as a smattering of federal and state opposition MPs. Queensland Premier Anna Bligh was represented by her Minister for Employment and Mines, Sterling Hinchliffe. No federal government minister was present
This just shows how intellectually cowardly this federal government is. So busy sucking up the arse of Bob Browns greens they wont attend the opening day of a major new employer which will generate massive income for the government and reduce unemployment.
She said the new tax policies — and the high costs of development and regulation — were the reason her wholly owned Australian company Hancock Coal would not be able to maintain as large an equity stake in the new projects as she had once hoped although it would still be “significant”.
Paging Bob Brown, a clue is waiting for you on line 1…. Dear old Bob was today wailing about how eeeeevil foreign corporations had large chunks of Australia’s minerals income diverted to them. The clue being, theres not a big enough pool of Australian capital to get such ventures up and running.
“Rinehart says Australia simply could not afford policies that deter exploration and investment.
“Despite these record prices, when our investment appeal and confidence should be at its highest, today’s policies have meant exploration is being discouraged and our exploration investment is back to 2003 levels. That is, pre-boom,” she says. “Where is Australian investment heading ? Offshore to the long-term detriment of our country and billions and billions of dollars being invested instead in West Africa, Brazil and elsewhere.”
According to Rinehart, Canberra doesn’t appreciate what is required to bring more investment and people to Australia’s north, including special tax breaks, few regulations and a welcome mat for overseas investment. Rinehart, with her father’s sense of determination and destiny, plans to use all her energy to change that equation.
More strength to her arm, I hope she continues to expose the bankrupt looters in Canberra for what they are, wankers playing with other peoples money.
Full text Of Ginas speech under the fold.
Original news story linked here
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