"Re: The story on Australia - it is important to note that the current company tax rate is 30%. The proposed tax on mining is 40% on PROFITS of more than 6%. This is currently the subject of negotiation and there are strong rumours that the threshold will be raised from 6% to 10 or 11% in the face of a huge and, some would say misleading, advertising blitz by the miners against the proposed tax.

"Many thanks for the sterling work you and Eoin are doing."

David Fuller's view I am delighted you like the service and thanks for the info on the Super Tax. As a shareholder in Australian miners I cannot claim to be entirely objective on this issue. Nevertheless, I feel that any Super Tax is bound to be divisive, not least for a cyclical industry such as mining. I think that it is bad for business development and therefore bad for the economy and also shareholders.

If governments can arbitrarily plunder profits, this can only deter entrepreneurs. And where will it stop? Politicians do not always aspire to the highest ethical standards. If Robin Hood-style Super Taxes receive populist approval, might the next step be Super Taxes to punish opponents or for the personal benefit of those in power?