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This is a good decision that will enable Australia’s iron ore sector to focus on the task of further strengthening its competitiveness in a fiercely contested global market.
Price peaks are rarer than troughs. They don’t come along all that often and they don’t neces¬sarily last as long as we may wish. That’s how the commodity markets have been working for centuries, whether it is iron ore, coal, copper, pork bellies or tulips. But not everyone accepts the inexorable logic of the market. Fortescue chairman Andrew Forrest, who did very well during the recent peak in iron ore prices, is now blaming others for the trough.
I thank you for the invitation to speak this morning.
And I congratulate Austmine for the outstanding leadership role that it plays on behalf of the METS sector.
It is a vital partner in the broad enterprise that is our minerals exploration, extraction and processing sector.
Our fortunes are inextricably linked. And the imperative to work together is obvious, at all levels.
The Prime Minister, Mr Abbott signalled today that the Government will support a parliamentary inquiry into the operation of the iron ore market.
3 June 2015 Canberra
The Minerals Week Seminar and Annual Minerals Industry Parliamentary Dinner will be held in Canberra on Wednesday 3 June 2015.Tweets by @MineralsCouncil