Twiggy Forrest is not acting in the Australian interest

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From the AFR late yesterday:

Mr Forrest, joined by the heads of many smaller West Australian miners including Mr Goncalves, last year blamed major iron ore miners Rio Tinto and BHP Billiton for signalling overproduction to drive down prices and put smaller players out of business.

“I think Australia need to carefully distil comments which someone from overseas, which is a friend of Australia, makes about the management of the iron ore industry and supply side insensitivity, the aggressive attempt to eliminate competition despite the consequences to the Australian economy which we saw last year and which I think still deserves investigation,” Mr Forrest said.

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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.