Some of these documents relate to the Australian tax affairs of Swiss trading group Glencore, owners of Mount Isa Mines and Ernest Henry Mining.

The documents are emails, board briefings, plans and presentations that detail how Glencore moved $30 billion of resource projects out of the Australian tax net after a $16 billion writedown.

In the 2014 restructure codenamed Project Everest,  Glencore moved significant assets from its Australian investment portfolio into offshore structures, setting up a new web of related-party debt, after directors wrote down the value of its chief holding company here to zero.

The swaps, known as “cross-currency swaps,” are legal but under review by the ATO and Glencore defends them as best business practice and necessary to guard against currency fluctuations.

Now Glencore says the Tax Office knows too much about Project Everest and has launched a High Court action to force the ATO to return its copies of the legal files.

Glencore says the so-called principle of lawyer-client confidentiality should prevent the tax office from using documents prepared for or marked as legal advice. The tax office has so far refused this request and this issue will be one to watch in 2019.

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I’m away on leave until Tuesday, January 22 but I’m leaving the office in capable hands. Samantha Walton has returned from maternity leave and resumes the senior journalist role she had before she had no-longer-baby Toby. 

Meanwhile Melissa Coleman (ex North), who fulfilled Sammy’s maternity leave contract has moved into the full time position vacated by Lydia Lynch when the latter moved to the Brisbane Times in November. 

I look forward to working with Sammy and Melissa on my return – both ladies have a long-term commitment to Mount Isa and the region – and I believe it will show in the quality of their work.

Bye for now – Derek  Barry