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Fortescue chief executive Nev Power spoke to an audience of more than 300 business people. Photo: Attila Csaszar.

Power muscles against mining tax

A proposal to roughly double the royalties paid by the state’s two biggest iron ore miners was divisive and could set a dangerous precedent for fixing budget issues, Fortescue Metals Group chief executive Nev Power told this morning’s Business News Success & Leadership breakfast.

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Comments

W.A.
Yes if the Big 3 start paying long over due Tax, their shareholders will get smaller dividends, which would never be allowed.

"Attitude is contagious, make sure yours is worth catching" - Nev's Mum

Karratha
Nev Power has missed the point & like other high flying mining executives is distorting the facts. The Special lease Rental increase from 25c to $5 is about bringing some fairness into what large multi nationals pay. To say that it is fair game for all other sections of the community to have increases in charges that they pay and over seas based companies who are taking our resources for profit not to pay an increase for something like 50 years is just uncomprehensible.

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Share Price

Closing price for the last 90 trading days
Source: Morningstar

BN30 Index

Index = 100 as of 4 Jan 2016
Source: Morningstar

Total Shareholder Return as at 31/01/18

1 year TSR5 year TSR
195thMineral Resources59%18%
231stSouth3245%0%
393rdWoodside Petroleum9%4%
568thFortescue Metals Group-19%5%
722ndAtlas Iron-45%-55%
709 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Share Transactions

10/11/17
$0 Bought
03/10/17
$9k Issued
29/09/17
$0 Bought
Total value as at the date of the transaction
Source: Morningstar

Revenue

1st-Fortescue Metals Group$10,999.7m
2nd-South32$9,392.9m
3rd-Woodside Petroleum$5,715.9m
4th-Mineral Resources$1,470.4m
5th↓Atlas Iron$896.6m
498 listed resources companies ranked by revenue.
Source: Morningstar

Remuneration from Fortescue Metals Group

3rdNev Power$5.324m
619thMark Barnaba$223k
733rdSharon Warburton$170k
Ranked by total remuneration from all listed WA companies

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