STATEMENT BY THE MINISTER FOR MINERALS AND ENERGY  (THE HON. R.F.X. CONNOR, M.P.)

The Australian Atomic Energy Commission has

executed an agreement for a joint uranium exploration venture in

the Ngalia Basin, Northern Territory, the Ministefr for Minerals and

Energy, Mr. Rex Connor, said today. Â»  Â·

The other joint ventures are Agip Nucleare

Australia P ty. Limited, Central Pacific Minerals N.L., Magellan

Petroleum Australia Ltd.,  and Urangesellschaft MBH and Co. KG.

The Minister recalled his statement of

7 February,]975, (attached) in which he said that the Australian

Government, through the Australian Atomic Energy Commission, was

discussing participation by the Commission in the joint venture

to prevent erosion of the Australian beneficial interest in the

venture due to Central Pacific Mineral’s inability to provide its

proportion of funds required.for an expanded uranium exploration

program. -  . . . .  -  .  Ã¢ÂÂ   '  " .  .  '  -  Ã¢ÂÂ

The Commission will contribute about $]55,000 to the

joint exploration program for calendar year ]975, thereby earning a 6

beneficial interest in the joint venture.

Both Central Pacific Minerals and Magellan are

reducing their financial contributions to the ] 975 program and the

Commission's contribution will match the shortfall in CPM's

contribution and the Australian component of the shortfall in

Magellan's .contribution. .

Under the Agreement, the Commission will be attaching

an experienced geologist to work in the field teams under

the direction of Central. Pacific Minerals, which is the Operator

for the joint venture.5

Canberra

26th June ]975. .  Â·

