MEDIA RELEASE:

RANGER URANIUM PROJECT DELAY UNNECESSARY

Statement by the Leader of the National Country Party, Mr. Anthony

The announcement by the Government that it has reached an

understanding with the Ranger Partners to proceed on a joint venture

basis with the development of Ranger Uranium deposit is long overdue

and again epitomises the absolute humbug and frustration that

private enterprise has to p u t ^ i t h  when dealing with the present

.Government.

The Memorandum of Understanding concluded between the Government

and the partners is unchanged from the interpretation that these two

companies had of the arrangement announced nearly 12 months ago.

But because of a deception as to the interpretation of that

agreement thewhole programme has been delayed 12 months.

The significant features of the contract are that the

Commonwealth will provide 72h% of the capital with Peko-E.Z. sharing

the balance of the 27^% whilst the net proceeds will be shared

fifty-fifty. Ã¢ÂÂ

The arrangement also allows for the project to enter into

commercial sales with the Atomic Energy Commission acting as agent.

If sales are withheld the Peko-E.Z. partners can request their

share at the prevailing world price.

I am very pleased that Peko-E.Z. dug their toes in and stuck

by what they believed to be the terms and conditions of the original

agreement.

If the Government had got away with the sleight of hand trick

of making out that the A.E.C. contribution was not equity capital

but only a loan, it would have succeeded in deceiving the companies

and their shareholders on a massive scale.

The delay in the programme however is adding enormously to

the cost of the project,which is escalating at a rate of nearly

$3 million per month.

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Even now, with Government approval to the terms and conditions

agreed to 12 months ago, there will be continuing delays and.

uncertainty whilst the environmental enquiry lasts and more and more

people get into the act.

'  .  On top of this the project is also threatened with another

enquiry into aboriginal land rights.

It seems that this great uranium deposit which is not only

of national importance, but of very special importance to the

economic revival of the Northern Territory and Darwin, is going

to be continually hampered by the Government.

Although the Government has a chance of getting both direct

and indirect benefit out of this development, through profits and

taxation, it has approached the whole business in a completely

unprofessional and shoddy manner.

29th October, 1975

