Abbott sets course for iron ore destruction

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The iron ore inquiry appears to be go with Prime Minster Abbott its champion. Terry McCrann summed it up on the weekend:

China’s extraordinary appetite for our iron ore and coal to feed into its exploding steel industry — it’s gone from making less than 5 per cent of the world’s steel to close on two-thirds of all the steel made in the entire world — sent the price soaring to $US180 a tonne.

Twiggy perfectly if unknowingly anticipated this. He got his hands on some extensive but second grade deposits. It was the sort of stuff you could not make a mine of in the $30-a-tonne days.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.