Billionaire Twiggy a capitalist piggy...

"Twiggy" Forrest is the billionaire Chairman, CEO and major shareholder of Fortescue Minerals Group (FMG).

Yesterday in Perth he confronted Prime Minister Kevin Rudd and noisily denounced the government's proposed Resources Super Profits Tax (RSPT).

Speaking to a rent-a-crowd of shareholders and blue t-shirted Liberal Party hacks, Forrest said Australia was adopting communist-like policies while China was becoming more market-oriented.

"This day is about your opportunity to change Australia's history from where Kevin Rudd would take it, a largely socialist distribution of capital over creation of value," he told the crowd.

All we can say is "If only...."

For there is nothing socialist about an ordinary rearrangement of taxation policies within capitalism. Forrest is merely saying that the wealth generated by the labour of Australian working people belongs to him and his class of rich parasites to whom he delusively ascribes the "creation of value".

His reference to China is interesting. On February 25, 2009 Chinese steel maker Hunan Valin Iron and Steel Group made application for a A$636 million stake in Fortescue Metals. This was approved by Australian Tresurer Wayne Swan on March 31 2009.

Under the agreement Fortescue issued shares to Hunan Valin to fund the expansion of its iron ore mining operations in the Pilbara. Swan also capped Hunan Valin’s stake in Fortescue to 17.55 percent. Hunan Valin's Chairman and vice president of China Iron & Steel Association Li Xiaowei became a non-executive director of FMG.

Hunan Valin is one of Fortescue’s biggest customers. Fortescue currently ships 1 million tonnes of iron ore to Hunan Valin subsidiary Xiangtan Steel but plans to quadruple that amount to 4 million tonnes during 2010.

Li is in the forefront of a "more market-oriented China" having published four books over his career including The Group Management after Local Iron & Steel Enterprises Restructure. He is part of an ascendant group of managerial leaders who are advancing the resoration of capitalism in China.

FMG's top ten shareholders show that besides Forrest and Hunan Valin, a sizeable group of shares are held by banks acting for owners of securities and shares (the names of the FMG shareholders are followed by the number of shares they won and the percentage of total FMG shares):

1 THE METAL GROUP PTY LTD
936,828,300
30.15

2 LUK-FORTESCUE LLC
247,986,000
7.98

3 VALIN INVESTMENTS (SINGAPORE) PTE LTD
228,007,497
7.34

4 ANZ NOMINEES LIMITED
205,816,609
6.62

5 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
169,691,290
5.46

6 VALIN RESOURCES INVESTMENTS (SINGAPORE) PTE LTD
154,267,590
4.97

7 VALIN MINING INVESTMENTS (SINGAPORE) PTE LTD
152,724,913
4.92

8 NATIONAL NOMINEES LIMITED
149,116,692
4.80

9 JP MORGAN NOMINEES AUSTRALIA LIMITED
106,843,102
3.44

10 EMICHROME PTY LTD
91,753,282
2.95

Commentary by citizens in the capitalist press is currently divided between would-be capitalists supportive of the billionaires' rights to remain rich and class conscious workers and others outraged by the selfishness and greed on display.

Here are some examples of the latter:

Leon of Glandore Posted at 9:13 AM Today
And there's Twiggy Forrest in a workman's shirt like he just emerged from the mine to give a speech. He's one of the richest men in Australia. Don't believe the lies people. He every much a charlatan as any of the politicians.

Derek of Seaview Downs Posted at 10:20 AM Today
The majority of these "protesters" were employees of Mining companies who were 'told' by the companies to be there, or else. I have a friend who works for one of these companies , in Perth. All hot air. The CEOs flew in on their private jets. They have been ripping off this Country for longer than I can remember and up to 80% of pre tax profits going overseas.

Mike of Balhannah Posted at 11:34 AM Today
As a person who works in the Pilbera I can see it is very good logic to slow down the resource boom, as it is now there is not sufficient qualified labour to service exsisting projects. Companies are already importing labour from overseas this will have a devestating effect on local employment in the long term. Prices are out of control my hotel was $145.00 per night two years ago it is now $300.00 plus a surcharge if you use a credit card. Resources left in the ground are an investment in the future of the nation. If the mining companies want to move to such places as Angola or Yemmen good luck to them - they'll need an awful lot of it.

Grumpy of Fulham Posted at 11:56 AM Today
We have a small population and natural resources that are the envy of the world. Why should we have waiting lists in hospitals and 650,000 people on public dental waiting lists across the country? The mining bosses are the new squattocracy - squatting on mineral leases and holding the nation to ransom by threatening not to develop them until the government gives in and surrenders its right to impose a fair level of taxation.

James of Roxby Downs Posted at 1:35 PM Today
If mining expansion projects are shelved then the life of these mines will be greatly extended. Smaller royalties for a long time rather than larger royalties for a short time. The prospect of this upsets the mining company who wants to take as much as possible for as little as possible in the shortest possible time frame, & accept no responsibility for any of their actions. Who will be interested in investing in Australia when the resources are depleted? Growth is inevitable but it needs control!