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Mt Todd start signals 10,000 new jobs: it's the tip of the export and employment iceberg



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N E W S •F1 E L E A S E

18 January 1993

MT TODD START SIGNALS 10,000 NEW JOBS: IT'S THE TIP OF THE EXPORT AND EMPLOYMENT ICEBERG

The Federal Minister for Resources,. Alan Griffiths, said today that Federal Government foreign investment approval for the start-up of a major gold mining project at Mt Todd in the Northern Territory signals an investment of $100 million and another $80 million in Australia's . export bag.

Project construction is likely to start next month.

"Mt Todd will proceed not only because it is a quality resource, but also because the proponent, Zapopan NL, was able to make use of the Commonwealth's capacity to steered major projects through the assessment process.

"The Commonwealth has acted to ensure that the project met required standards of environmental management and rehabilitation," Mr Griffiths said.

"Mt Todd is, in fact, just the tip of export and employment iceberg. It will be a winner. for Australia, generating new jobs and new export income,"

Mr-Griffi.ths added however, that in recent times announcements have signalled substantial new investments to be made at McArthur River (lead /zinc; an investment of $250 million), Marandoo (iron ore; an investment of $500 million), Crinum (coal; $200 million), North Goonyella (coal; $370 million ), Mt Keith

(nickel, $450 million) and North Parkes (copper; $220 million):

In addition, government approval has , been given for the development of Yackabindie in Western Australia, which will necessitate a capital investment in the order of $470 million..

Given a favourable commercial decision. by CRA, the Commonwealth is also committed to the development of the Century deposit in north Queensland. Century will be another massive investment in Australia's export future.

"These projects alone are expected to create in the next year or so, both directly and indirectly, over 10,000 new jobs for Australians," Mr Griffiths said.

COMMONWEALTH / PARLL &MEN IARY LIBRARY

Parliament House Phone: (06) 277 7480

Canberra ACT 2600 Fax: (06) 273 4154

PJ

When in production, these projects will substantially boost the nation's export

income and national income. The mining sector is expected to:

boost new capital expenditure by 21 % during 1992-93 to almost $5 billion -a new record;

boost the value of exports in 1992-93 by 9% to $31 billion - a new record; and

boost the real value of mineral commodity exports by 22% by 1997-98 - a new record.

In addition, mineral resources projects to the value of $60 billion have been listed with the Development Allowance Authority.

"The recent decision of the Keating Government to reduce the company tax rate to 33 percent makes investment in the mining sector even more competitive: that means more jobs.

"The alternative offered by Dr Hewson is social, economic and industrial rat-poison: a company tax rate of 42%, a new tax of 15%, higher inflation rates, higher interest rates, higher exchange rates, an industrial relations system based

on conflict and zero tariffs."

Further information: (06) 277 7480