A Huge budget winner is.....

  1. 233 Posts.
    ABK Asset Backet Holdings , ABK has acquired what is a controlling intrest in Phosphate Resources the major (only) infrastructute company on Chrismas Island.

    It owns the sea port, fuel distribution, the land where all the govt action is to proceed.

    The Age comment on the budget is

    "But it believes no more boat people will arrive on our shores as they will be intercepted, diverted to offshore processing centres in third countries or taken to the new detention centre at Christmas Island, which is expected to be operational by next January.

    The new Christmas Island detention centre is expected to cost $219 million (including maintenance). It would lead to the closure or scaling down of the Curtin and Woomera mainland detention centres. "

    Because the land component is located on part of the mining tenements which has many many tonnes of minable phosphate rock,compensation will be very considerable.

    ABK investment after the current buy back should be around 40% of the company.

    A real cash cow is being created.

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