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Nationals leader Brendon Grylls has made a new mining tax his signature policy move since retaking the leadership earlier this year. Photo: Attila Csaszar

Grylls skewers iron ore miners

Rio Tinto has hit back at accusations by Nationals WA leader Brendon Grylls that large miners had failed to live up to their contractual obligations in state agreements with the government, after he stepped up his campaign to increase taxes on iron ore production today.

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The very people who have mismanaged the royalties on Australia’s LNG exports are now criticising Brendon Grylls for his plan to raise the lease rent from two shillings and sixpence (25c) to an amount that reflects today’s values. In 2021 it is expected that Australia will displace Qatar as the world’s biggest exporter of LNG. Both countries by then will be producing around 100 billion cubic meters of gas but Qatar will receive $26.6 billion in royalties and Australia just $0.8 billion. Further, WA Treasury has just released documents warning the Commonwealth it could be 20 or 30 years before Australia starts receiving royalties from the Gorgon, Wheatstone and Pluto LNG projects. (The 2010 Henry tax review also warned of the failure to collect “appropriate and constant share of resource rents”) And now these people are criticising the Brendon Grylls plan?

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Total Shareholder Return as at 31/10/16

1 year TSR5 year TSR
383rdRio Tinto12%-1%
483rdWestpac-2%13%
497thTelstra-4%21%
513thCommonwealth Bank-7%14%
599thWoolworths-19%-1%
722 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Share Transactions

13/12/13
$0 Bought
13/12/13
$90k Sold
03/05/13
$1k Bought
Total value as at the date of the transaction
Source: Morningstar

Revenue

1st↑Woolworths$61,149.4m
2nd-Rio Tinto$49,225.3m
5th-Commonwealth Bank$27,005.0m
6th-Telstra$26,607.0m
7th↑Westpac$21,642.0m
77 listed non wa companies ranked by revenue.
Source: Morningstar

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