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PRIME MINISTER
STATEMENT BY THE PRIME MINISTER, THE IION PJ. KEATING MP
PRIME MINISTER WELCOMES MASSIVE NEW MINING INVEST'MENT
Today's decision byMount Isa Mines Ltd ( MIM) and its four Japanese joint venture
partncrs to proceed with the huge McArthur River zinc/ lcad/ silvcr mine in the Northern
Territory has becn welcomed by the Prime Minister, Mr Keating.
The announcement followed the decision of the four Japanese joint venture partners,
np0n Mining and Metals Co Ltd, Mitsui and Co, Mitsubishi Materials Corp and
Marubcni, toexcrcisc their options to participate in the project.
In welcoming the announccment, Mr Keating described the project as a milestone for the
new projcct facilitation arrangements announced in February's One Nation Statement.
MIM had approached the Federal Govenment the day after One Nation through Mr
Keating's Parliamentary Secretary, Mr Laurie Brereton, seeking facilitation and as a result
had received all Federal Government approvals in six months.
The project has also benefited from the One Nation Development Allowance and $ 5.8
million in Commonwealth road funding to upgrade the Carpenter Highway and build a
bypass around the nearby aboriginal community of Borroloola.
" It is pleasing to see that in MIM's own announcement the role of both the
Commonwealth and Northern Territory Government's in bringing the project to fruition
has been acknowledged," Mr Keating said.
" From the outset both governments have worked efficiently and harmoniously to a tight
corporate time frame so that the deposit, first discovered in 1955, could take advantage of
a window of opportunity in the 1990s."
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" Thanks to this sense of purpose and co-operation between both government and business
a project worth directly and indirectly 1000 jobs and $ 200 million a year in export income
to Australia will go ahead," Mr Kcating said.
" in a difficult world economic climate, to have such a large investment involving four
Japanese mining giants announced, is a significant vote of confidence in Australia, a vote
of confidence from a trading partner with whom our relationship continues to prosper."
" It is a thumbs up to the new government approvals regime which was put in place by One
Nation, a regime which has been welcomed by both thc private sector and State and
Territory Govcrnmients," Mr Keating said.
" What makes this project particularly exciting is its multiplier and infrastructure effects
which can hclp open a remote corner of Australia, said to be one of the richest prospecting
zones in the world."
" T'he impetus on McArthur River could now unleash a wave of investment in nearby
zinc/ lead deposits that will set the Gulf region provide major exports for Australia."
" This arca could prove another Pilbara in the making which is why this Government, a
L-abor Government committed to big job creating projects, has been so keen to givc the
McArthur River Project priority attention", Mr Keating said.
In receiving facilitation support through the Major Projects Facilitation Unit ( MPFU),
administered by Mr BTrccton on behalf of the Prime Minister, McArthur River is one of
the seven projects worth a combined total of $ 3.7 billion which are now under
considcration. Facilitation has built on the Intergovernmental Agreement on the Environment and
involved joint Comnmonwealth and Territory environmental asscssments and agreed time
framcs for Governmecnt approvals coordinated by the MPFU.
in the casc of McArthur River it has also involved a number of consultations between Mr
Brereton, the Membcr for thc Northern Territory, Warren Snowden, and the nearby local
Aboriginal community of Boi-roloola. As a result of these consultations an Aboriginal
cmploynment and training strategy for the community is being put in place, environmental
safeguards havc been strengthened and a bypass is to be built around the township
following safety concerns about the movement of large ore trucks though the centre of
Borroloola. CAINBERRA 16 November, 1992