PRESS STATEMENT I— by the Minister for National Development and Energy -V AUSTRALIA , J  f  O J  7 81/40

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NGALIA BASIN URANIUM EXPLORATION JOINT VENTURE

"  '  The Minister for National Development and Energy, Senator J.L. Garrick,  announced today that the Australian

Atomic Energy Commission had disposed of its 10.7% beneficial  interest in the Ngalia Basin Uranium Exploration.Joint Venture

to a consortium of Offshore Oil NL, Southern Cross Exploration

NL and Cocks Eldorado NL. .  Â·

The consortium has joined Central Pacific Minerals

NL, AGIP Australia Pty Ltd and Urangesellschaft Australia Pty  Limited in the Venture. .  Â·  '

The AAEC acquired its initial interest in the Venture  in June 1975. However in February 1976, the Government decided  that exploration for uranium in the Northern Territory should  be undertaken by private enterprise and not the AAEC. '  .

:  The AAEC was then directed to dispose of its

beneficial interest in the Ngalia Basin Exploration Joint Venture

to Australian interests on the best terms obtainable. Attempts  to dispose of the interest were put in abeyance pending the

outcome of the Ranger Uranium Environmental Inquiry. The joint  venture agreement lapsed in July 1978 and the project was  placed on a care and maintenance basis. In 1980 the existing

joint venturers agreed on the terms of a new exploration  agreement and the AAEC again called tenders for the purchase of

its interest. Today's disposal is -  the last step in lengthy  negotiations between the interested parties. ^ -  -

Canberra Ã¢ÂÂ

30 June 1931

Contact Officer: Mr J. Pearce

Phone:  (02) 665 1221

