STATEMENT BY THE MINISTER FOR MINERALS AND ENERGY

MR REX CONNOR

Central Pacific Minerals N.L. informed me on June 27 1974

that it would be unable to maintain its 25% share of an expanded

uranium exploration program in the Ngalia Basin of the Northern

Territory, the Minister for Minerals and Energy, Mr Rex Connor,

said today.

Central Pacific Minerals N.L. has been undertaking

uranium exploration as a joint venture with Magellan Petroleum

Australia Ltd.,  Agip Nucleare Australia Pty. Ltd. and

Urangesellschaft MBH & Co.,  Mr Connor said.

"Central Pacific Minerals N.L. has sought financial

assistance from the Government to enable the company to continue

this uranium exploration and thereby to maintain the existing level

of 25% Australian equity participation, the Minister said.

The Australian Government, through the Australian Atomic

Energy Commission, is currently discussing participation by the

Commission in the venture to the extent that Central Pacific

Minerals' inability to provide the funds required for an expanded

uranium, exploration programme would otherwise result in the existing

25% Australian equity participation being replaced by overseas equity

participation. '  .

CANBERRA 7 February 1975

