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Proposed investment by the Shell Company of Australia Limited in the Theodore and Callide projects



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TREASURER

NO.

EMBARGO Γήφΐ

STATEMENT BY THE TREASURER, THE HON JOHN HOWARD, MP

PROPOSED INVESTMENT BY THE SHELL COMPANY OF AUSTRALIA LIMITED IN THE THEODORE AND CALLIDE PROJECTS

On 21 April 1981 I announced that the Foreign Investment

Review Board was to give detailed examination, to proposals

by The Shell Company of Australia Limited to invest in the.

Theodore and Callide steaming coal projects in Queensland.

Shell proposes to acquire a 30 per cent interest in the

existing Callide operations and a 40 per cent interest in

the Theodore prospect. Callide is currently beneficially

owned by CSR Limited and AMP, while Theodore is beneficially

wholly owned.·· by CSR.

The proposals have been examined against the Government's

foreign investment policy which provides, amongst other

things, that where proposals concern areas of the economy

in which foreign ownership and control is already extensive

(such as the black coal industry), the Government expects to

see significant economic benefits and/or significant

Australian equity participation.

After careful consideration of the proposals, the Government

has decided that they would not be contrary to the national

interest and therefore raises no objections to them in terms

of its foreign investment policy.

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In view of Shell 1s extensive involvement in the development

of Australia's natural resources and the importance which

the Government places on achieving a high level of .

Australian equity in this area, the Government has invited

Shell to discuss with the Foreign Investment Review Board

the possible introduction of 25 per cent Australian equity

into its overall Australian operations.

CANBERRA ACT .

12 August 1981 '