FOR PRESS:

N.D. 34

Statement by the Minister for Rational Development,

The Honourable Sir Reginald Swartz, K.B.E., E.D.( ,  M.P.

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The Minister for National Development, Sir Reginald  said today that he was interested to learn of the announcement!of '   Noranda Australia Limited concerning the attitude of that company  towards their operations outside Canada. .  y

Sir Reginald said that as the Commonwealth Minister  having a responsibility towards the mineral industry he was  conscious of the major contribution towards the development of  that industry which had been made by overseas companies. He h  been gratified to note the extent to which these companies wer  willing to use Australians in managerial positions. Further he]  felt that there was a growing trend by overseas mining interest;  towards recognition of the need for Australia to be represented]  in the decision making processes at board member level.

"This policy statement released today by Noranda repreja%i0s  one of the most clear and forthcoming attitudes expressed by f-  . overseas companies working in Australia^" said Sir Reginald. I  ] ,  ,’ ÃÂ¯] .

The Minister said that he was particularly intereste. . .   to note Noranda's intention to offer a half interest in the j*;  ; Jim Jim uranium discovery once a viable mining operation is j -established, and in any other mines found by Noranda in Austra^ya to Australian citizens. Further the Minister welcomed Norandats... ;

attitude that their operations in countries outside Canada should  be managed by nationals of the host country and.be under the  direction of a board of which a majority are nationals of the  host country.

Sir Reginald said that uranium would be a very important  energy mineral in the future and he believed that Australian  participation in the development of this deposit was highly  desirable.

CANBERRA

11 July 1972.

