Noront Resources

Not sure what your point is. This is simply a merger of existing assets/ops in WA by BHP and Rio. requiring a makeup payment by BHP. Deal was struck some time ago and some Rio shareholders subsequently said the payment should now be bigger because iron ore prices had gone up. BHP now countered that the "Tax" now introduced lowered the aseet values and perhaps the make-up payment. Proceeding with the merger actually has nothing to do with the Tax as these are entirely existing ops being rationalized.

Did you catch Cramer tonight. He discussed the issue of resource taxes, pointing out that resource companies are sitting ducks for this type of tax. If Canada /Ont really want RoF development, now is the time to stand tall with a policy statement backed up with legislation. Without it, our calendar just gets longer and longer. This can be a great opportunity for RoF companies and Ontario as Australia goes to the backburners. Regardless of whether it gets passed, the stink of taxation as a form of expropriation will remain for years.