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Foreign investment proposal acquisition by Atlantic Richfield Company of Interest in Blair Athol Coal



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TREASURER RELEASE

NO. 131

V

EMBARGO

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

FOREIGN INVESTMENT PROPOSAL -

ACQUISITION BY ATLANTIC RICHFIELD COMPANY OF INTEREST IN BLAIR ATHOL COAL

The Treasurer, the Hon. John Howard, MP, announced today that approval had been given for Atlantic Richfield Company of the

United States to acquire S & M Fox Pty Ltd, a company which holds a 38 per cent interest in the Blair Athol steaming coal deposit.

The remaining 62 per cent is held by Conzinc Riotinto Australia Ltd.

The Treasurer noted that the purchase of this interest would be

made from another foreign company and would not therefore result in any increase in foreign ownership in Blair Athol.

The approval was subject to the understanding that satisfactory

arrangements would be made to comply with the Government's foreign investment guidelines for Australian equity participation in new-

mineral projects. On this basis the proposal was consistent with

the Government’s objective of encouraging foreign investment in Australia on terms which harmonise with Australia's interests. .

Commenting on reports of other prospective interest in the Blair

Athol deposit, the Treasurer said that these were matters for commercial negotiation. The Government had considered the proposal of Atlantic Richfield on its particular merits in terms of

Government policy.

Canberra .

13 December 1978