The Great Iron Ore Swindle
There’s an old adage about taxi drivers and share tips. When the talk of potential sharemarket gains overwhelms the stench of B.O. in a taxi, it’s a sign market madness has taken hold - every idiot thinking he’s certain to make bank, signals it’s time to run. That level of stupid isn’t readily apparent at the moment; well, unless you’re a local shareholder in Brockman Resources. Brockman is a Western Australian mining company subject to a hostile takeover, from, wait for it - a bunch of taxi drivers. For Brockman, the ignominy doesn’t end there, while their Hong Kong taxi-driving-suitors forget the lube and pound away, Brockman looks for help and finds no one in Australia gives a damn. It doesn’t take much to get shareholders in junior mining companies frothing at the mouth. A mention of “the Chinese” is usually the tonic that sends share market forums into overdrive. With fortunes made on the back of Chinese deals over the past decade, shareholders find themselves hoping “the Chinese”...