Buy from India for 60 cents, and sell it for around $200 a tonne (landed price) overseas
<http://moneylife.in/article/the-great-iron-ore-rip-off-buy-from-india-for-6 0-s-and-sell-it-for-around-200-a-tonne-landed-price-overseas/16790.html> http://moneylife.in/article/the-great-iron-ore-rip-off-buy-from-india-for-60 -s-and-sell-it-for-around-200-a-tonne-landed-price-overseas/16790.html <http://en.wikipedia.org/wiki/Belekeri_port_scam> http://en.wikipedia.org/wiki/Belekeri_port_scam +++ Please read these also and understand the nature of the theft, and why Sushma Swaraj is beeping so much last few days . . . next scam to open, iron ore scam . . . The royalty paid to the Indian government by the new iron ore exporters being invited in, like Posco, is Rs27 rupees a tonne for iron ore lumps. That's all. 60 cents. Not even a dollar a tonne. The rest is, apparently, part of the whole loan-loan-loan and more loan cycle, since Posco will help develop the area. At every stage in this financial game, there is a transaction cost, and it is instead of being in percentage points, now into multiples of the costs involved. Agreed, there is a cost involved in mining the iron ore, extracting it, and converting it into lumps, which even after allowing for all sorts of cost overruns is not going to exceed $20 a tonne-an extremely high outer estimate. Agreed there is a cost towards "developing" the area, whatever it means. Agreed, some babu somewhere can justify how after 35 years, our export price is down from $15 a tonne to 60 cents a tonne. But can anybody justify why the Indian government, the state government, the various public sector entities, the watchdogs, the parliamentary committees, the environmentalists, the media, everybody and more-why can't we get even some percentage of the increase in iron ore prices to the country's account? Assuming the price has gone up by $50 a tonne, all other costs remaining the same, shouldn't the nation get at least some part of it-especially when all we appear to be getting is 60 cents a tonne?
