The exclusion of Prominent Hill from the deal with Minmetals, a fully-owned arm of the Government of the People’s Republic of China, does not exclude the remainder of the deal being allowed, said Senator Barnaby Joyce, the Leader of the Nationals in the Senate. “In fact, it suggests that the Treasurer’s decision is only particular to Prominent Hill and that the sale of the rest of the assets will be allowed,” he said.
“The other part of the deal includes Queensland’s Century Australia, the world’s second largest open pit zinc mine, the Golden Grove underground base and precious metals mine in Western Australia and Tasmania’s Rosebery mine, which has a current potential to extend its life beyond 2020.
"The Chinese Government’s takeover via Minmetals of OZ Minerals, is 100 per cent ownership by the People’s Republic of China. It is going to be difficult to reject an 18 per cent ownership of Rio Tinto if we allow 100 per cent ownership by the People’s Republic of China of OZ Minerals.
“I hope to hear from Mr Swan that the deal in total has been excluded because as we rely on these short-term benefits, they will pale into insignificance compared with far greater complications in the long term.
“Australia’s wealth relies predominantly on the importation of products and you only have to sit down in your living room and look around, including at what you wear, to see how reliant you are on imported goods. We have to be extremely considerate therefore of keeping an intimate connection to the produce we export or we divest ourselves from our future sustenance.
“The service industry may pump the money around our economy but exports bring the money in and handing ownership of the primary level of those exports, that is the minerals in situ in the ground, is a highly foolish long-term position for our nation to place itself in.”