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Tuesday, 27 November 1973
Page: 2173

Senator Maunsell asked the Minister representing the Minister for Minerals and Energy, upon notice:

(   1 ) It is a fact that the Government has approved revaluation compensation for the asbestos company, Woodsreef Mines Ltd.

(2)   Is this the first case of re-valuation compensation for a mining company.

(3)   It is also a fact that negotiations are continuing to change control of the company, 58 per cent of which is owned by a Canadian group and the remainder by the Australian public.

(4)   Is the Australian Industry Development Corporation involved in these negotiations.

(5)   Will re-valuation compensation for mining companies be determined by whether the companies are controlled by overseas or Australian interests.

Senator Wriedt - The Minister for Minerals and Energy has provided the following answer to the honourable senator's question:

(1)   Yes.

(2)   Yes.

(3)   and (4) I have read press reports to the effect that negotiations regarding restructuring of Woodsreef Mines Limited were continuing and that the policy of the Canadian company is for preference to be given to Australian interests. I understand the Australian Industry Development Corporation has been involved in discussions with the company.

(5)   No.

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