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New Website Urges Public to Campaign Against Iron Ore Oversupply
May. 15, 2015 09:21AM PST
Base Metals Investing Mining Australia reported that a new website called Our Iron Ore, supported by Fortescue Metals Group (ASX:FMG), is urging the public to campaign against industry giants that are oversupplying the market.
Mining Australia reported that a new website called Our Iron Ore, supported by Fortescue Metals Group (ASX:FMG), is urging the public to campaign against industry giants that are oversupplying the market.
As quoted in the market news:
The new campaign site urges people to sign a petition in order to ensure a “sustainable future for our important mining industry”.
The site is supported by Fortescue Metals Group.
“Iron ore is Australia’s most important single export earner and a dramatically falling price is putting significant pressure on current and future living standards of all Australians,” the site states.
“Australia’s export income is being savaged, along with tax and royalty returns to state and federal governments, shareholder returns, superannuation fund values, jobs and activity in the economy.”
In the facts and figures section, the site claims 37,000 jobs were lost in mining in 2014. It also states that Australia’s GDP was hit by 0.5 per cent or $8 billion when the iron ore price fell 17 per cent in March this year.
While the site doesn’t specifically name the iron ore miners to which it is referring, it’s not hard to read between the lines.
FMG’s chairman and founder Andrew Forrest has led an aggressive campaign against his competitors Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) and BHP Billiton (ASX:BHP,NYSE:BHP,LSE:BLT) over the last month.