This song is 1990 hit by Midnight Oil us about the plight of Wittenoom, Australia.
Wittenoom was a mining company town built in the late 40s and during the 1950s and early 1960s, it was Australia’s only supplier of blue asbestos. The town was shut down in 1966 due to unprofitability and growing health concerns from asbestos mining in the area. Leaving behind a ghost town and a crew of workers who contracted various asbestos-related diseases. The “blue” refers to blue asbestos, and the “sugar refining company” refers to the Colonial Sugar Refining company the owner of the mines.