Geschäftsführer Industriellenvereinigung Steiermark
Vizepräsident Wirtschaftskammer Austria
Mining the taxpayer for rebatesI could argue the value of the Tarkine as a living ark for the more than 60 rare, threatened and endangered species that call the Tarkine home.
But instead, I want to talk business.
Mining in Tasmania has been boom and bust. We have just witnessed a boom with iron ore prices skyrocketing to $US180/tonne, and tin reaching $US35,000/tonne.
Prospective miners came clamouring out of the woodwork to cash in on these artificially high prices.
We were so taken in on the promise of the rush that we ignored the advice of the economists and market analysts who warned of the impending collapse.
We were so taken cheap jerseys in on the promise of the rush that we ignored the advice of the economists and market analysts who warned of the impending collapse.
Of all the proposed new mines in the Tarkine, not one projected a mine life beyond 10 years.
Shree Mineral Nelson Bay River mine operated for just seven months.
During that time it shipped 130,899 tonnes of ore, paid no tax, no royalties, and recorded a $3.27 million loss (Shree Minerals annual reports 2009 2014 and half year financial report December, 2014)
It closed with iron ore prices at around $US87/tonne.
Shree low grade ore makes it a discounter, and so it needs a spot price of about $US120/tonne to be profitable. Today iron ore is trading at $US59/tonne.
Venture Minerals had three proposals. It first two were iron ore projects at Riley Creek and Livingstone, and were wholesale nhl jerseys predicted to last just two years each. Venture raced to get them out of the blocks against an already falling iron ore price. Both these proposals are now mothballed, for all the same reasons as Shree Venture also needs an iron ore price of $US100 120/tonne.
Treasury believes that the iron ore price will drop further to $US35/tonne.
Analysts say that over the decade prices could stabilise in the $US80 90/tonne range too low for Shree or Venture.
Some analysts have gone as far as to predict iron ore prices will never climb back above the $US100/tonne range.
Venture, however, has a third, much larger, proposed project in Mt Lindsay.
The company promotes this mine as a tin and tungsten project, but the capital raising and environmental referral documents reveal that Mt Lindsay is a tin, tungsten, copper and iron ore mine.
While tin and tungsten are more valuable than iron, and hence the focus in the promotion of this project, the company 2011 EPBC referral shows that 95 per cent of the 229,000 tonnes of ore leaving wholesale jerseys china the mine each year is iron ore.
Effectively, Venture has to take a loss on the iron ore to get to the tin and tungsten.
Now that would be OK if the tin and tungsten prices had stayed where they were in the 2012 Bankable Feasibility Study (which the company is still quoting in investor presentations).
Since 2012, tin has fallen 34 per cent, tungsten has fallen 38 per cent, and copper has fallen 21 per cent.
Assuming the accuracy of Venture own initial figures, recalibrating revenues to current ore prices shifts Mt Lindsay expected $554 million life of mine profit to a $50 million loss.
It hard to see Venture raising the $198 million investment required.
I suggest it only a matter of time before the company is forced to admit mothballing this proposal as well.
But you don have to take my word for it.
Shree Minerals share prices have fallen 88 per cent since 2011, and Venture Minerals shares have dropped 96 per cent. The market is brutally honest.
In the past three years Tasmania has lost 3000 mining jobs more than half the industry as the resources boom has collapsed. And not one of those job losses is due to conservation.
In the past three years Tasmania has lost 3000 mining jobs more than half the industry as cheap jerseys china the resources boom has collapsed. And not one of those job losses is due to conservation.Articles Connexes：
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