Minerals Council slams Forrest’s push for iron-ore intervention
PERTH (miningweekly.com) – The Minerals Council of Australia (MCA) has reprimanded mining magnate Andrew Forrest for calling on the Australian government to regulate how iron-ore producers in the Pilbara should run their business.
The MCA said on Monday that Forrest’s call for the government to remove the ‘licence to operate’ for some miners, set Australia on an “interventionists path”.
Forrest last week renewed his attack on mining majors Rio Tinto and BHP Billiton, accusing the two companies of flooding the global iron-ore markets with Pilbara product, which he said resulted in a big fall in iron-ore prices.
Forrest said in an interview with ABC’s The Business television show that the two multinationals should be reminded that they did not own the iron-ore they produced, but that it was rather the property of the Australian people.
However, the MCA said on Monday that government direction to reduce Australian output would have a damaging impact on the iron-ore sector and on Australia’s reputation as a reliable supplier and as a secure investment destination.
“It would represent a giant free kick to Australia’s competitors. Hard-earned Australian market share in the seaborne iron-ore trade would be given up,” MCA CEO Brendan Pearson said in a statement.
He warned that export dollars that would have flowed to Australia would instead go to Brazil and other iron-ore exporting nations.
“One thing we know from commodity markets is that once given up, market share is very difficult to win back. The Forrest view that Australia can effectively set the iron-ore price is simply wrong.”
Pearson said that it was important that the federal government maintained its commitment to free and open markets and ensuring that Australia remained open for business.
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