What Fortescue Metals Group (FMG) have to say about Wayne Swan's essay on wealthy mining giants

Fortescue fuming at Wayne Swan's attack

Gerry Georgatos

Mining giant Fortescue Metals Group (FMG) has come out swinging at Federal Treasurer's Wayne Swan's attack on the rich mining giants, who he described as the 0.1% and who deny the middle classes various equity.

In an essay by Mr Swan published in The Monthly magazine, he accused 'an elite' of entrepreneurs, including Australian mining magnates Gina Rinehart, Clive Palmer and Andrew Forrest, of using their incredible wealth to pursue vested interests.

He wrote that these vested interests indulged in "ferocious and highly misleading'' campaigns against the federal Labor government's mining tax and pricing carbon plans.

Coalition frontbencher Christopher Pyne said Mr Swan's comments were a form of class warfare. Prime Minister Gillard defended the comments, saying they represented core Labor values. Mr Swan described that the middle classes were being ripped off their right to wealth that is part of the land and belongs to everyone.

Deputy Chair of FMG's Board Herb Elliott released a statement describing Mr Swan's 'attacks as unfounded'.

"The attack by Mr Swan is very disappointing and is an attack on the FMG Board, its executives, employees and shareholders. Andrew Forrest and his team have created one of the great business success stories in Australian history. He started with nothing and repeatedly put everything he had earned at risk in building one of the most important mining operations in the world."

"FMG will pay over $1 billion in taxes, royalties and other government assessments this year and is projected to pay over $2 billion next year. These amounts do not include estimates for the recently passed Carbon and Minerals Resources Rent taxes because the laws have been drafted in such a manner as to be confusing..."

"Under Andrew Forrest and the FMG Board's leadership, Fortescue invested billions to build something new and productive. In addition to iron mines, we built hundreds of kilometres of rail, a port, power stations, roads and thousands of housing units. More importantly we created thousands of jobs and through our innovative training centres, helped over a thousand Indigenous Australians step out of poverty into meaningful careers."

"Even though over 97% of his wealth is still tied up in his investment in FMG, Andrew has contributed and has publically committed to contribute hundreds of millions to charitable causes. Just last year he and his wife contributed over $50 million to support causes such as eliminating the disparity between Aboriginal and Torres Strait Islanders and the rest of Australia, fighting human trafficking, fire and flood relief, to support the arts, and other benevolent purposes. They have never sought public attention."