RIO’s Walsh pulverises Forrest

From Rio Tinto CEO Sam Walsh via the AFR:

“I don’t know what Andrew was thinking,” Mr Walsh said to a packed mining industry lunch on Thursday.

“I think the comments are absolute nonsense, I’m not sure if Andrew actually sought legal comment before.”

“It (a cap) won’t help us in the longer term to prop up projects that are actually not competitive.

“It is essential that we foster Australian industry…that is internationally competitive, and is not being propped up by tariffs or artificial means. That is not a way to run this great country. We have the wherewithal to be competitive with our mining, and to try to artificially prop it up with some harebrained scheme, that is just physically not going to do it.”



    • The deeper message of course is that we should expect self serving comments that reflect the interests of the organisation they emanate from.

      Rio’s comments are as predictable as FMG’s.

      And the deepest message of all is that any connection between those self serving comments and the national interest are purely coincidental.

      • ResearchtimeMEMBER

        Agree – and thats why its imperative of these guys to occupy the Q1 part of the cost curve. Everything else is secondary.

        Its a fight to the death.

    • pretty sure current politicians(around the nations discussing the TPP) pushing for this will be generously well paid advisors for these companies once done with politics…

    • As chaotic as US politics can be there is still some residual sense that selling out the country to foreign interests is beyond the pale.

      Sadly our forelock tuggers do not pick up that concept on their many ‘study’ tours in Washington.

      But then that is the whole purpose of study tours.

      • Rubbish! There are no restrictions on ownership of residential real estate by foreigners in the US. You can buy whatever you want, new, old, doesn’t matter. Middle Easterners and Asians are buying up all of Los Angeles, everyone in NYC, Brazilians in Miami, etc etc… you just don’t hear about it because Americans are apathetic.

      • Huh

        What are you talking about – since when has the TPP been about buying residential real estate?


      “Australian health, environment and public welfare regulation, including plain tobacco packaging legislation, will be open for challenge from largely US-based corporations, if a new deal that is part of the Trans Pacific Partnership goes through.

      WikiLeaks has revealed that the Australian government is close to agreement on a wide-ranging trade deal that could allow multinational corporations to challenge these regulations as well as local food safety standards. The new TPP free trade agreement will cover approximately 40 per cent of the world economy.

      A secret draft chapter of the TPP free trade agreement, published by WikiLeaks on Thursday, shows that the Abbott government is prepared to accept a controversial Investor State Dispute Settlement (ISDS) process if “certain conditions” are met in a broad agreement that it hopes will enhance Australian access to US and Japanese agricultural markets. “

      • Negotiated in secret for a reason.

        Like a vampire it would explode if exposed to sunlight.

    • ErmingtonPlumbingMEMBER

      And here I was, after 100s of sewer chokes, thinking that all those little yellow chunk’s were bits if corn!

  1. The reason that luncheon was packed is that they are all hoping for a Messiah. Every major industry in the state is up against the wall, and the vision of the future is a mirage.
    In the yard of the Port Authority of Freemantle there is a statue to CY O’Connor.. they all need to pay homage there. Maybe Sam W thinks he is the Messiah in waiting. The facts are they are going to Hell before any redemption.WW


    “The Abbott government has again put itself on a collision course with US President Barack Obama, this time over government funding for coal-fired power plants.

    After adopting a contrary position to the US on the Asian Infrastructure Investment Bank, about which a final decision is expected within days, the Abbott government has been leading international resistance to White House moves to strip back subsidies for fossil fuels.”

      • ResearchtimeMEMBER

        Its not climate change that is putting coal fired generation out of business in the US – its the rise of cheap gas… which incidentally may get a lot more expensive in the nearish future.

        So, hypothetically speaking, if gas shortages appear – do you really think Obama will give a second thought about the environment if a bunch of coal fired power stations kick off again????

        No – neither do I…