Western Australia is blessed with many treasures - gold, iron ore, nickel, alumina, diamonds, mineral sands, coal, oil, natural gas - and Perth is it's capital. They call Australia the Lucky Country, I call Perth the Lucky City. 80% of the mining and energy projects of Australia are controlled by Perth. Called after a town that sits on the banks of the River Tay in Scotland, Perth is a city on the move.
The financial crises caused a slump in the resources sector and has put iron-ore magnate Andrew Forrest, the boss of Fortescue Metals Group Ltd, back to fifth place on Australia's rich list. Mr Forrest's fortune shrank to $US1.65 billion ($A2.19 billion), from almost $US5 billion, as China's demand for iron ore slumped and caused Fortescue's shares to drop by two-thirds.
Rio Tinto subsidiary Hamersley Iron has accepted an average 37 per cent reduction in a huge contract with Japan's Nippon Steele Corporation. It is estimated the new deal will cost Western Australia $135 million in lost royalty revenue.
But none of this really matters, the treasures are still there and will be for a very long time.
The financial crises caused a slump in the resources sector and has put iron-ore magnate Andrew Forrest, the boss of Fortescue Metals Group Ltd, back to fifth place on Australia's rich list. Mr Forrest's fortune shrank to $US1.65 billion ($A2.19 billion), from almost $US5 billion, as China's demand for iron ore slumped and caused Fortescue's shares to drop by two-thirds.
Rio Tinto subsidiary Hamersley Iron has accepted an average 37 per cent reduction in a huge contract with Japan's Nippon Steele Corporation. It is estimated the new deal will cost Western Australia $135 million in lost royalty revenue.
But none of this really matters, the treasures are still there and will be for a very long time.
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