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TOPIC: Australia accused of manipulating Australian dollar to save iron ore miners

Australia accused of manipulating Australian dollar to save iron ore miners 13 Feb 2015 09:47 #1

  • novum
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An American iron ore miner says Australia is "manipulating" its currency in a bid to save its iron ore exporters, who are so desperate for cash they are "putting even the kangaroos for sale".

In comments made on the same day the Reserve Bank of Australia cut interest rates to a historic low, Cliffs Natural Resources chief executive Lourenco Goncalves said Australia was making a "big mistake" by assuming low iron ore prices would force Chinese iron ore producers out of business, and that it would be the Australian and Brazilian producers who would be left "bleeding".

Cliffs operates iron ore and coal mines in North America but also has the fifth biggest iron ore export business in Australia.

Its Australian iron ore business has less than five years of mine-life remaining, and the company plans to either sell the asset, or shut it when the current mine life expires.

Mr Goncalves said the situation had started to "smell bad" in Australia.

"The Australians have very little do at this time beyond continuing to manipulating their currency. Despite that we are already seeing lay-offs and mines shutting down throughout the entire Australian iron ore mining landscape," he said during a quarterly briefing in the United States on Tuesday.

"The Australians are taking no prisoners with the Aussie dollar.

"They want to help BHP, they want to help Rio Tinto, they want to help that lady over there, Gina whatever.

"They are going to continue to help Fortescue Metals Group and they will believe that they will always crush Chinese producers. Big mistake, but it is what it is."

Australian iron ore miners sell their product in US dollars but have most of their costs in Australian dollars, and so have benefited from the slide in the Australian dollar over the past year.

The Reserve Bank of Australia has been saying for more than a year that it would like to see the currency lower, and on Tuesday cut official interest rates to 2.25 per cent.

Cliffs is realigning its business to focus on selling iron ore to US steel producers rather than Chinese steel mills, and says it received $US99 per tonne for the product it sold to US mills in the December quarter. The average price for iron ore sold into China during the December quarter was $US74 per tonne.

Mr Goncalves said iron ore miners outside the US won't be able to compete with US miners for price when selling to US steel mills, and he tipped that Cliffs, which had to delay promises for dividend payments this week, would outlast the Australian and Brazilian miners.
"The Australian and the Brazilians will be bleeding like crazy in the next couple of years; we are going to be standing tall. It is already stupid betting against America," he said.

At $US1 billion, Cliffs market capitalisation is more than 100 times smaller than Rio Tinto's market capitalisation on the ASX. Rio also has a second, larger listing in London.

BHP has a larger total market capitalisation than Rio Tinto.

BHP Billiton and Rio Tinto have said they will pay dividends in February, despite the slide in commodity prices.


Source: smh.com.au/business/mining-and-resources/australia-accused-of-manipulating-australian-dollar-to-save-iron-ore-miners-20150204-135jzu.html
I remember the good old days, when 90+ year olds in nursing homes lived forever. Darn this pesky virus.

1365 = 1

1.1365 = 1,283,305,580,313,352
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Australia accused of manipulating Australian dollar to save iron ore miners 13 Feb 2015 09:57 #2

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In comments made on the same day the Reserve Bank of Australia cut interest rates to a historic low
:ponda:
:chuckle:

This article is one of the more interesting ones recently on finance and economics.
It reminds me of Todd's lectures form the 1970s where he talked about the Rothschild commissioned novel Atlas Shrugged that detailed what was to come and is now here on a global level,although the book focused on the USA as ground zero so-to-speak.Predictive programming in fiction and also part of the Revelation of the Method which has become more blatant these days.
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Australia accused of manipulating Australian dollar to save iron ore miners 13 Feb 2015 10:24 #3

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12 rate cuts in a row in OZ now or something similar... its rather telling.

Anyway if Goncalves is right then the ozzies will figure it out the hard way...
Mr Goncalves said iron ore miners outside the US won't be able to compete with US miners for price when selling to US steel mills, and he tipped that Cliffs, which had to delay promises for dividend payments this week, would outlast the Australian and Brazilian miners.

"The Australian and the Brazilians will be bleeding like crazy in the next couple of years; we are going to be standing tall.

It is already stupid betting against America," he said.
I remember the good old days, when 90+ year olds in nursing homes lived forever. Darn this pesky virus.

1365 = 1

1.1365 = 1,283,305,580,313,352
Last Edit: 13 Feb 2015 10:27 by novum.
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Australia accused of manipulating Australian dollar to save iron ore miners 13 Feb 2015 10:31 #4

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It's the same tug of war with oil and the shell games with other commodities and currencies.
And this is on a global level.
We had litmus tests or dry runs if you will in the early 1970s,but what is going on now is staggering and leading to global war.It has happened twice in the past century.and things are crazier these days .

And each one had a purtpose.
The first was to bring in the League of Nations which failed as there were much more alert-minded folks even without the internet and world wide web.
The second was to bring in the United Nations.
The third is decimate all traditional religions and bring in a one world government and religion.
Last Edit: 13 Feb 2015 10:35 by zax.
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Australia accused of manipulating Australian dollar to save iron ore miners 13 Feb 2015 10:34 #5

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I remember the good old days, when 90+ year olds in nursing homes lived forever. Darn this pesky virus.

1365 = 1

1.1365 = 1,283,305,580,313,352
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Australia accused of manipulating Australian dollar to save iron ore miners 13 Feb 2015 10:36 #6

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Didn't catch that one.
Thanks. :)
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Australia accused of manipulating Australian dollar to save iron ore miners 13 Feb 2015 10:36 #7

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That's a bitter American bitching and he isn't happy. That's all. The low ore price has reduced revenues but maybe Cliff has a lot of operating costs in US$ and is pissed off about that and also the lower value it's Australian operations will yield.

Australia is one of the most open economies on earth. It can't really manipulate it's dollar. The currency went to parity against the US$ because of very high demand for A$ to fund massive LNG and iron ore expansions. They've finished.

Further the economy is now very weak because of the end of the construction boom so the RBA has no choice but to lower the interest rate to help stimulate the economy.

The country has close to 25 million people and 100 000 if that work in iron ore.
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Australia accused of manipulating Australian dollar to save iron ore miners 13 Feb 2015 10:38 #8

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That's a bitter American bitching and he isn't happy
:roll:

Next we go down the Jew road. :hahano:
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Australia accused of manipulating Australian dollar to save iron ore miners 13 Feb 2015 12:09 #9

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Why? Is he a Jew?

Americans in business typically bitch and moan LOUDLY when things don't go their own way ... then blame other factors for their own business' problems.

Look at all the bitching and WTO disputes Boeing brought against Airbus over 20 years? They wailed illegal subsidies blah blah ... whilst Delta and American Airlines maintained a protectionist Boeing only plane policy and the US Govt maintains a domestic only policy to its annual $700bn defence budget. With Boeing being a major beneficiary.

And re Cliff, the two largest iron ore producers are Rio Tinto (largest) and BHP Billion (No 2). Both companies are dual listed in Australia and London and maintain most senior management across many divisions in London. Rio Tinto more so than BHP.

They aren't "Australian" companies being looked after by an exchange rate.
Last Edit: 13 Feb 2015 12:12 by Orangeaid.
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Australia accused of manipulating Australian dollar to save iron ore miners 13 Feb 2015 12:19 #10

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zax wrote:
That's a bitter American bitching and he isn't happy
:roll:

Next we go down the Jew road. :hahano:

Now that you mention it ......

Goncalves Surname Meaning & Origin

The surname Goncalves is a patronymic name, which means that it is derived from a man's given name, usually a father , paternal ancestor or patron.

There are many indicators that the name Goncalves may be of Jewish origin, emanating from the Jewish communities of Spain and Portugal.

When the Romans conquered the Jewish nation in 70 CE, much of the Jewish population was sent into exile throughout the Roman Empire. Many were sent to the Iberian Peninsula. The approximately 750,000 Jews living in Spain in the year 1492 were banished from the country by royal decree of Ferdinand and Isabella. The Jews of Portugal, were banished several years later. Reprieve from the banishment decrees was promised to those Jews who converted to Catholicism. Though some converted by choice, most of these New-Christian converts were called CONVERSOS or MARRANOS (a derogatory term for converts meaning pigs in Spanish), ANUSIM (meaning "coerced ones" in Hebrew) and CRYPTO-JEWS, as they secretly continued to practice the tenets of the Jewish faith.

Our research has found that the family name Goncalves is cited with respect to Jews & Crypto-Jews in at least 28 bibliographical, documentary, or electronic references:
www.nameyourroots.com/names/report?name1=Goncalves
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