asked the Minister for Industry and Commerce if the chairman, the managing director and all the other directors of the Minerals Exploration and Development Company, Limited (Comhlucht Lorgtha agus Forbartha Mianraí, Teoranta) have been appointed after consultation with him; if he will call for and present to the Dáil a statement of the business done by this company to date, and, if, in particular, he will advise the Dáil of the mining businesses which this company proposes to acquire by agreement instead of by compulsory order prior to such acquisition being achieved so that the Dáil may be made aware of the consideration proposed to be paid.
Ceisteanna—Questions. Oral Answers. - Minerals Exploration Company.
In the appointment of the chairman, the managing director and all the other directors of Comhlucht Lorgtha agus Forbartha Mianraí, Teoranta, the requirements of the Minerals Exploration and Development Company Act, 1941, and of the articles of association of the company which provide for consultation with the Minister for Industry and Commerce were complied with.
The Act under which this company is established provides that an annual balance sheet and profit and loss account and an annual report of mining businesses acquired by the company and of certain other matters shall be laid before each House of the Oireachtas. In view of this provision I am not prepared to ask the company for a statement of the kind referred to in the second part of this question.
No proposals have been made by the company for the acquisition of an existing mining business. I had contemplated using the powers conferred on me by the Act to acquire on behalf of the company the mining business working the Clare phosphate deposits. Acquisition by agreement having proved impossible, negotiations have, without prejudice to the powers of compulsory acquisition of a mining business contained in the Act, been in progress for some time for the transfer to the company of the greater part of the mining rights owned by Judge Comyn in County Clare on the basis of the purchase price being left to the arbitration of the Mining Board.
Is the House to understand that, if negotiations along these lines should approve abortive, the national necessity requiring the deposits would be regarded by the Minister as justification for their compulsory acquisition, the compensation to be determined by independent arbitration?
I certainly think there is justification for it.
And the Minister will proceed compulsorily if an equitable arrangement cannot be arrived at by negotiation?