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Dáil
‹ Ceisteanna—Questions. Oral Answers. - Tara and Bula Mines.

Tara Mines State Revenue and Loans

Summary

The Minister said Tara had not yet made profits that would yield State revenue, though improved prices could bring royalties. He declined to address an allegation about a £2 million payment and said renegotiated loans would be repaid as agreed.

asked the Minister for Industry, Commerce and Energy the estimated revenue from the State-owned shareholding in Tara Mines Limited, to date.

Comment on this
Ray Burke Mr. R. Burke Fianna Fáil

As the Deputy will be aware from press reports, profits which could contribute to State revenues have not yet been made by the company.

Comment on this

Could the Minister tell us what moneys, including interest, Tara has paid to the State?

Comment on this
Joseph Brennan An Ceann Comhairle Fianna Fáil

The question refers to estimated revenue.

Comment on this

Is the Minister satisfied with the present take?

Comment on this
Ray Burke Mr. R. Burke Fianna Fáil

We are talking of Tara Mines and, as Deputies are aware, those mines suffered considerable problems as a result of the decrease in prices around the world. With the up-turn now we hope there will be a considerable improvement in the position of Tara Mines and, if there is, the Government will be in receipt of royalties.

Comment on this

Could the Minister give us any information on the allegation that £2 million was paid by Tara to the Hughes interests and the forcible return of this £2 million as a result of intervention by the Canadian banks?

Comment on this
Ray Burke Mr. R. Burke Fianna Fáil

I am not in a position to deal with allegations.

Comment on this

Is the Minister satisfied with the position with regard to the repayment of loans made to this company? Is he fully satisfied these will be repaid in due course in accordance with the terms laid down?

Comment on this
Ray Burke Mr. R. Burke Fianna Fáil

I understand there has been some renegotiation of some of the loans because of some problems that arose. I have no doubt these loans will be well and truly honoured.

Comment on this

Will the repayment be less than originally expected?

Comment on this
Ray Burke Mr. R. Burke Fianna Fáil

No.

Comment on this
Joseph Brennan An Ceann Comhairle Fianna Fáil

I am calling Question No. 12.

Comment on this

Is it not a fact that the arrangement made by the Minister's predecessors, which the present Government are now standing over, was one of the most scandalous——

Comment on this
Joseph Brennan An Ceann Comhairle Fianna Fáil

That is purely argument, disorderly argument.

Comment on this
Ray Burke Mr. R. Burke Fianna Fáil

It is not my job to engage in disorderly argument.

12.

Comment on this