BHP Rio: The government is coming under pressure from BHP and Rio, as well as the broader mining lobby, to drop moves towards an inquiry, according to Nine News Australia. Mr Forrest, who claims BHP and Rio are oversupplying the market to squeeze out smaller operators, says he is dismayed by their lobbying efforts to try to avoid the inquiry."I've never seen two quite conservative companies work so hard against the cause of transparency," he told ABC TV on Tuesday. But if the government won't act, independent senator Nick Xenophon has signalled he will not only seek a Senate inquiry in June but bring forward his own legislation to change competition rules in the mining sector. The Fortescue Metals founder says an inquiry could uncover what is happening in offshore markets and would be in the national interest. The South Australian senator says he was so encouraged by Treasurer Joe Hockey response during a meeting last Thursday that he temporarily dropped the idea of a Senate inquiry, in favour of a joint select committee chaired by a Liberal MP. But he said he could still bring on his Senate motion in June and put up a bill to strengthen competition rules."It seems that the government appears to be walking away, but the issue won't go away," Senator Xenophon said on Tuesday. That is a similar sentiment to that of Senator Xenophon, who is warning the government to be cautious of heeding what he describes as the "hysterical" response from mining bosses.
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