PM Transcripts

MEDIA RELEASE AUSTRALIAN4 EQUITY IN DEVELOPMENT OF
NORWICH PARK COAL, PROJECT
Statement by the Acting Prime Minister and Minister for
National Resources and Overseas Trade, The Rt.
Hon. J. D. Anthony, M. P.
I welcome the announcement by Utah Development Company and
Mitsubishi Development Pty Ltd of the agreement under which the
Australian Mutual Provident Society and Utah Mining Australia
Limited will become participants in the Central Queensland Coal
Associates after a final decision is made to proceed with the
Norwich Park project.
Earlier this year the Commonwealth Government agreed to
the Norwich Park coking coal project proceeding on the basis of
Australian interests having a 55% equity in the project or an
equivalent interest in Utah's interests in the combined operations
of C. Q. C. A.
The A. M. P. Society and U. M. A. L. have elected to take the
latter route, which includes the-development of the $ 2140 mill~ ion
Norwich Park project.
This will have the effect of lifting the Australian equity.
to around 20% in the whole of the C. Q. C. A. operations, as
compared with the present level of 9.2% in the existing Goonyella,
Peak Downs and Saraji coking coal projects.
The Government's foreign investment guidelines are designed
to give Australians an opportunity to participate as fully and
effectively as possible in the development of our natural resources.
Those guidelines are proving to be realistic and flexible.
The agreement between the A. M. P. Society and U. M. A. L. so soon
after the Government's agreement on appropriate equity levels,
demonstrates that local capital is available and that Australian
companies and institutions are prepared to invest in the development
of our natural resources.
The sensible application of the guidelines, and Utah's
response, means that Australians now have the opportunity for
greater ownership of Australia's most profitable company, and one
which seems likely to continue to have a high rate of earnings for
some years ahead.
Had the foreign investment guidelines not existed*, this
opportunity may not have~ become available.
I hope the investment by the A. M. P. Society will prove to
be a very good one for the Society and its very large number of
policyholders throughout Australia.
Canberra 26 July 1976