Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Granting of naturalising status to Ashton Mining NL



Download PDFDownload PDF

NO. 19

TREASURER

EMBARGO

-STATEMENT BY THE TREASURER, THE HON JOHN HOWARD, MP

GRANTING OF NATURALISING- STATUS TO ASHTON MINING NL

The G overnm ent h a s g r a n t e d n a t u r a l i s i n g s t a t u s to A s h to n M in in g NL i n te rm s

o f i t s f o r e i g n in v e s tm e n t p o l i c y . '

A sh to n M in in g NL i s a n A u s t r a l i a n p u b l i c company w hose m a jo r a s s e t i s

a 3 8 .2 4 $ i n t e r e s t i n t h e A s h to n diam ond j o i n t v e n t u r e i n th e K im b e rle y s ,

WA. A sh to n M in in g NL i s c u r r e n t l y owned a s t o 5 0 .1 4 $ b y M a la y s ia M in in g

C o r p o r a t i o n B e rh a d (MMC), 1 0 .2 1 $ b y T an k s C o n s o lid a te d I n v e s tm e n t L td o f

t h e B aham as, an d 39*65$ b y t h e A u s t r a l i a n p u b l i c . *

I n o r d e r t o e n a b le n a t u r a l i s i n g s t a t u s to b e g r a n t e d to A s h to n M in in g NL,

t h e f o l l o w i n g r e q u i r e m e n ts h a v e b e e n m et b y t h e p a r t i e s : -

( i ) A sh to n M in in g NL h a s a minimum 25$ A u s t r a l i a n e q u i t y ;

( i i ) i t s A r t i c l e s o f A s s o c i a t i o n p r o v id e f o r a m a j o r i t y o f A u s t r a l i a n

c i t i z e n s on i t s B o a rd ;

( i i i ) a p u b l i c com m itm ent h a s b e e n made t o i n c r e a s e A u s t r a l i a n e q u i t y

i n A sh to n M in in g NL t o 51$ o v e r a r e a s o n a b le p e r i o d o f tim e a n d t o

h a v e r e g u l a r d i s c u s s i o n s w i t h t h e F o r e i g n I n v e s tm e n t R eview B o a rd

on p r o g r e s s to w a rd s a c h i e v i n g 51$ A u s t r a l i a n o w n e rs h ip ; and

2 / . . .

( i v ) u n d e r s t a n d i n g s h a v e b e e n r e a c h e d b e tw e e n t h e p a r t i e s a n d th e

G overnm ent o n t h e p r o c e s s o f n a t u r a l i s a t i o n a n d t h e e x e r c i s e

o f v o t i n g p o w e rs i n r e s p e c t o f A s h to n M in in g NL. .

As a n a t u r a l i s i n g com pany A sh to n M in in g . H i i s g i v e n p r i o r c r e d i t f o r

a c h i e v i n g 51% A u s t r a l i a n o w n e rs h ip an d i s r e g a r d e d a s A u s t r a l i a n c o n t r o l l e d

f o r t h e p u r p o s e s o f i t s p a r t i c i p a t i o n i n new n a t u r a l r e s o u r c e p r o j e c t s ( o t h e r

t h a n .u r a n iu m ) . A s h to n M in in g NL i s f r e e to i n v e s t on i t s own, o r w ith

A u s t r a l i a n , n a t u r a l i s e d o r n a t u r a l i s i n g c o m p a n ie s , i n new n a t u r a l r e s o u r c e

p r o j e c t s ( o t h e r t h a n u ra n iu m ) w ith o u t n o t i f y i n g t h e F o r e ig n I n v e s tm e n t

R eview B o a r d . ‘

T h e s e b e n e f i t s do n o t a p p ly t o a n y in v e s tm e n t i n u ra n iu m , n o r d o e s

n a t u r a l i s i n g s t a t u s a l t e r th e p o s i t i o n o f A s h to n M in in g NL u n d e r t h e

F o r e i g n T a k e o v e rs A c t. .

I n g r a n t i n g n a t u r a l i s i n g s t a t u s t o A s h to n M in in g NL, t h e G overnm ent

w elcom es t h e s t e p s t a k e n b y t h e p a r t i e s to e n a b le t h e company to m ee t

· ·

t h e n a t u r a l i s a t i o n r e q u i r e m e n ts p a r t i c u l a r l y i n te rm s o f t h e o p p o r t u n i t i e s

t h i s w i l l g i v e f o r i n c r e a s e d A u s t r a l i a n p a r t i c i p a t i o n i n t h e o p e r a t i o n s

o f t h e com pany.

2 · . :

CANBERRA, ACT 6 F e b r u a r y 1981