Your reference here obviously only applies to oil companies, otherwise the well-heeled management of Rio Tinto and BHP Billiton would be out on their proverbials over their constant refusal to develop the iron ore tenements in Western Australia until they have extracted every last cent of profit from their other operations and then perhaps feel predisposed to do anything at all.

Legitimate iron ore explorers (such as Cazaly) would develop these resources (such as Shovelanna) if a recalcitrant WA State Labor Government and subsequently an extremely suspect Supreme Court decision hadn't denied them the opportunity to do so.

Shareholders don't give a damn about developing all possible resources as long as the share price is flying and the dividends are flowing. They do not and will not push the company executives if they believe it is in their long-term interests to "sequence" developments.

Re your other statement – “The result, several billion dollars wasted because either costs were too high or the technology didn't work” – I can only guess you are referring to that hopeless and totally unprofitable iron ore process called "Hi-Smelt" developed here in Western Australia that is now being implemented all over the world owing to its amazing efficiency and profitability in processing iron ore?

And in relation to your suggestion that Martin Ferguson should “find the time for a night-school class on what the word commercial actually means”, I think Minister Ferguson's understanding of commercial viability is evenly tempered with his understanding of what is really in the best interests of the people of Australia in regards to development in the resources sectors.

Having said that, I really like your column. Give 'em heaps.

Kind Regards,

Mark Hawken

National Research Manager

The Mining Chronicle