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Granting of naturalised status to Aberfoyle Limited



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TREASURER

PRESS RELEASE

EMBARGO

STATEMENT BY THE TREASURER, THE HON JOHN HOWARD, MP

GRANTING OF NATURALISED STATUS TO ABERFOYLE LIMITED

NO.

The Government has considered an application by Aberfoyle

Limited to be granted the status of a naturalised company

under the Government’s foreign investment policy. Aberfoyle

is a base metals mining and exploration company and is

Australia's second largest producer of tin. It wholly owns

and operates the Cleveland tin/copper mine in Tasmania, the

Ardlethan tin mine in New South Wales and has a 90^6 interest

in the Que River silver/lead/zinc mine in Tasmania. Aberfoyle

is owned by a large number of Australian shareholders and

47.1% by Cominco Ltd of Canada.

The Government is satisfied that Aberfoyle has met the

requirements for the granting of naturalised status. In

particular, there is majority Australian ownership in the

company; its Articles of Association have been amended to

provide that a majority of members of its board are Australian

citizens; and general understandings have been reached between

Aberfoyle, Cominco and the Government that the policy of

Aberfoyle will be determined by its board and the control

arrangements will ensure the autonomy of Aberfoyle in relation

to its own operations and those of its subsidiaries.

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Accordingly, the Government has granted naturalised status

to Aberfoyle Limited and its wholly owned subsidiaries,

Aberfoyle Exploration Pty Ltd, Ardlethan Tin Limited,

Cleveland Tin Limited and Que River Mining Pty Ltd.

As naturalised companies, Aberfoyle Limited and its wholly

owned subsidiaries are regarded as Australian controlled

for the purpose of their participation in new natural resource

projects. They are free to invest on their own, or with

Australian, naturalised or naturalising companies, in new

natural resource projects without notifying the Foreign

Investment Review Board.

These benefits do not apply to any investment in uranium,

nor does naturalised status alter the position of

Aberfoyle Limited under the Foreign Takeovers Act.

Canberra ACT

17 November 1981