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Normal View

Dáil Éireann debate -
Thursday, 15 Feb 1962

Vol. 193 No. 2

Ceisteanna—Questions. Oral Answers. - Mineral Content of Galway Ores.

20.

asked the Minister for Industry and Commerce whether he has seen reports of the claims made for the mineral content of ore which is at present being mined at Tynagh, Loughrea, County Galway; whether these claims as to mineral content of the ores agree with the records held by the Geological Survey Section of his Department; and whether, for the guidance of the investing public, he has any statement to make on the subject.

I have seen reports of the claims referred to by the Deputy. The Geological Survey have no independent records which would provide a check on the mineral content of the ores. The holders of the prospecting licence in the Tynagh area have, however, in accordance with the terms of their licence, kept me fully informed of their findings and, as part of their normal duties, the officers of the survey are in close touch with developments at Tynagh. I see no need to make a statement on the lines suggested by the Deputy.

Would the Minister say whether, in view of the claims made by prospectors in this case, the Geological Survey have assessed the mineral content of the ore to see if it fits in with the statements, apparently extravagant, which have been made by those operating in the deposits of this ore?

The Geological Survey have not made an assay in the matter. Their function is limited, or rather their interest in this is limited, to the receipt by the prospectors of a figure of deposits giving the content of the different ores in the deposits. These are put on record. I should say that in the journal which is considered to be the most authoritative in these matters, that is the Toronto Northern Miner, publications have been made which confirm the figures deposited with the Geological Survey.

What about the last part of the question?

Is the Minister aware that the Irish Press of 13th December gives circulation to the statement made by a company spokesman that the concentration equals a percentage of 40 per cent. lead and that there was a high concentration of silver. Some other publication said there was about 25 per cent. silver in the ore. There must not be any ore there at all at this rate: 40 per cent. lead and 25 per cent. silver. In view of the fact that this company is selling shares in Ireland, could the Minister not take some steps to indicate, from his technical knowledge, the mineral content of the ores there, so that people will not be led to buy shares at very high prices which may not, of course, be justified in the light of subsequent discoveries? The Minister will have noted that the parent company of this Loughrea company has been prevented from dealing in the shares on the London Stock Exchange, and not without good reason.

I can only repeat that the authoritative journal, the Northern Miner of Toronto has the figures of ore contents of the different minerals published from time to time and these are accurate. So far as figures published in the Irish Press or other journals are concerned, the prospecting company has no responsibility for them.

In view of the fact that we are discussing an Estimate for another £240,000 for St. Patrick's Copper Mines, and in view of the easy money which other people obtained here recently, does the Minister not think he might be a little suspicious and do something to protect the Irish investor? If this is a "gold mine" as such, if there is 40 per cent. lead and 25 per cent. silver, well and good— we can all rejoice. I do not want to see everybody selling all his shares to Irish citizens and then discover that it is true there was some lead and silver but not enough to pay a dividend. Somebody will burn his fingers in this and I want to make sure it is not the Irish.

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