PERTH (miningweekly.com) – Chairperson of iron-ore major Fortescue Metals, Andrew Forrest, has vowed to continue with his campaign against multinational companies operating in the Pilbara, despite the government taking a decision not to pursue an inquiry into the iron-ore sector.

Treasurer Joe Hockey on Thursday announced, that following discussions with regulatory bodies and stakeholders across the sector, a decision had been taken not to initiate a Senate inquiry into the iron-ore sector.

While industry bodies have welcomed the move, Forrest said that it denied the Australian people the opportunity to shine a light on the iron-ore industry and to determine whether it was operating as an open market.

Forrest suggested that lobbying from multinationals had prevented the formal inquiry.

“I understand the intensity of the lobbying by the multinationals has been unprecedented. It has to be asked, what could there be to hide to unleash such intense activity?

“Like free markets, transparency is good for business. So why work against the transparency a formal inquiry would bring?”

Forrest said that he would maintain his campaign, and continue to bring the issue to the attention of the Australian people.
 
“People need to know the circumstances that led to the collapse in the price of iron-ore, the loss of thousands of jobs, the shutdown of companies and the loss of billions of dollars from state and federal budgets. My view is the threat of oversupply, or self-harm by Australia in a market it dominates, is the biggest factor.

“I’m not looking for government intervention in the market, I’m looking for transparency. Those that paint me as an interventionist know the iron-ore industry is an oligopoly in which each of the big players wield more market power than Saudi Arabia in oil.

“The question just has to be asked, what is there to be afraid of?”