In a
letter to BHP shareholders the chairman advised
"Any reform must only apply to new investments: not to existing investments,"
and that the proposed RSPT would
"seriously threaten Australia's competitiveness, jeopardise future investments and adversely affect the future wealth and standard of living of all Australians,"
OK, but how many new projects are
BHP considering?
3.11 A report provided to the Western Australian Government by Evans & Peck in August 2004 indicated that there may be few, if any, economically viable deposits in the Pilbara that have not already been identified. BHPBIO notes that currently there are no proven17 iron ore deposits in the Pilbara apart from those held by BHPBIO and RTIO/HD
3.12 The 2004 Evans & Peck report also indicated that 85% of the identified iron ore resources in the Pilbara were controlled by BHPBIO or RTIO, with HD and FMG holding 10%, and other suppliers holding the remaining 5%.
It would appear that for the big miners resources are known and finite and the risk that the RSPT would hamper new mine development would be minimal, if at all.
