Bula Mine purchase and negotiations
The Minister said the Government would not currently buy Bula Limited’s assets but wanted the ore reserves developed and would monitor developments. He confirmed that Department officials had met the receiver, but declined to disclose the status of negotiations or whether officials had pursued a Finnish deal, citing commercial confidentiality; Deputies challenged the lack of information about the Government’s interests as a shareholder.
asked the Minister for Energy if the Government intend to purchase the entire Bula Mine ore body from the receivers.
Comment on this
At this juncture the Government do not intend to purchase the assets of Bula Limited from the receiver. However, the Government wish the Bula ore reserves to be developed as soon as possible and will continue to keep the situation under review in the light of further developments.
Comment on this
Has the attention of the Minister of State been drawn to reports that a number of meetings have taken place on this matter between his Department and the receiver, and has his attention been drawn to reports stating that negotiations are at a very advanced stage? What are the Minister's views on those matters?
Comment on this
I answered the question put down to me. The Deputy has asked me other questions which do not appear in the question.
Comment on this
I asked if the Minister's attention had been drawn to reports that the negotiations for the purchase of Bula are at an advanced stage.
Comment on this
I will ask the supplementary for the third time. Has the Minister's attention been drawn to reports that negotiations for the purchase of Bula are at an advanced stage and will the Minister comment on those reports and tell the House at exactly what stage the negotiations are?
Comment on this
I am not prepared to give any information in regard to this. Bula Limited is in receivership and it is up to the receiver to act in the best interests of those he represents. The Deputy can take it from the reply which I have given to the House that I will be keeping a close eye on all developments with a view to ensuring that the ore reserves will be developed as soon as possible. That is a prudent position for me to take in the circumstances. I am not willing to make observations on reports or to give any indication regarding the state of reported negotiations.
Comment on this
——on what stage the receiver is at in his negotiations. My Department are anxious to ensure that the Bula ore body is developed as soon as possible. We are keeping a watching brief on the situation.
Comment on this
Can the Minister of State confirm whether or not he or his officials have met with the receiver with a view to having negotiations about the take-over of Bula Mines from the receiver?
Comment on this
The Deputy can take it that the receiver has met officials in my Department. After all, we are shareholders in Bula Mines Limited and it would be normal that the receiver should meet with officials of my Department. Beyond that I will not become involved in what the Opposition would like to elicit or infer from their questions.
Comment on this
I am not in the business of inferring anything, but in the business of representing the taxpayers who are 49 per cent shareholders. We have a right to elicit information at Question Time in relation to how the Minister is looking after their interests. Can I take it in relation to earlier statements made on this question——
Comment on this
I will lead up to the question in a minute. I have to give the background in case the Minister tries to make out that he does not know what I am talking about.
Comment on this
All through the previous negotiations the Minister referred to a back-up plan. We saw the results of that.
Comment on this
Did the Secretary of the Minister's Department go to Finland after the collapse of the negotiations to try to negotiate a deal with a Finnish company?
Comment on this
I am sure Deputy Reynolds as a former Minister will understand when I say that it would be wrong for me to comment on ongoing negotiations——
Comment on this
——when a comment would affect such negotiations. This is a matter of normal commercial confidentiality and one that I intend to maintain in this House.
Comment on this
This House is entitled to know if the Secretary of the Minister's Department went to Finland to negotiate a deal.