asked the Minister for Industry and Commerce if he can estimate the number of mining companies operating in this country because of existing tax concessions.
26.
Ceisteanna—Questions. Oral Answers. - Mining Company Operations.
25.
asked the Minister for Industry and Commerce how many prospecting licences have been issued by his Department; and what type of mining operations qualify for the tax concessions.
With your permission, a Cheann Comhairle, I propose to take Questions Nos. 25 and 26 together.
Some 1,350 prospecting licences have been issued under the Minerals Development Acts, 1940 and 1960, of which over 1,100 were issued since 1961. About 650 are currently held by 42 concerns. Particulars of these licences are contained in the half-yearly reports laid before the Oireachtas in accordance with the provisions of the Acts.
I take it that the tax concession which the Deputy has in mind is the exemption from income tax and corporation profit granted to mining concerns. This exemption applied to companies commencing, after 6th April, 1956, the mining of non-bedded deposits of minerals specified in the Schedule to the relevant Act. The minerals concerned include copper, lead, zinc, pyrites, barytes, gold and silver. The concession does not apply to minerals such as petroleum, dolomite, gypsum or coal.
I am not in a position to say positively what companies are operating in the country because of the tax concession but I assume that the availability of the concession has influenced all the potential qualifiers to engage in mining activities here.
Would the Minister not agree that these particular concessions on a cursory examination by any of the mining correspondents—I would refer for example to the Financial Times—have been classified as being the most unique in the world, without precedent in any mining country not just in Europe but in the world? Does the Minister at this point in time intend to undertake any review of the concessions made? I assure the Minister that I am very conscious of the employment and the valuable export trade resulting from mining in this country. I, in no way, want to denigrate the tremendous work being done but I certainly want to make sure we get our share of the profits.
We cannot have a debate on every question. Question No. 27.
I am glad to hear the Deputy's addendum because the impression he had created up to that was that he wanted every mining enterprise in the country closed down.