Vol. 252 No. 12
asked the Minister for Industry and Commerce if he is aware of the statement made by the vice-president of a company (details supplied) that the mine at Tynagh, County Galway, had a development investment of £8.8 millions; that this initial debt has been paid off; and that dividends of £3.3 millions had been paid to date; and if he is satisfied with the economic return to the country from the company.
42.
asked the Minister for Industry and Commerce if he will state in respect of a mining company (name supplied) the total exports to date from Tynagh, County Galway; the total employment provided to date; and the total royalties paid to date by the company to the State.
With your permission, a Cheann Comhairle, I propose to take Questions Nos. 41 and 42 together.
I have seen the statement mentioned by the Deputy. The Irish subsidiary of the company named is liable, under the terms of the lease granted to it on 30th July, 1963, to pay royalties on the basis of graded percentages of profits. Apart from this, the company's operation provides considerable benefits to the economy in the form of export earnings and employment as well as funds for further mineral exploration.
The mine commenced production at the end of 1965 and has been trading since the beginning of 1966. As the operating company is a private concern I am precluded from giving information about its business apart from information which is published by the company itself. A recent statement by the company to the press indicates that the value of total concentrate production for export since the mine opened is £27,325,000. According to the company's last available annual report total employment at 31st December, 1969 was 339. For the reason already stated, I am precluded from giving particulars of royalties paid by individual companies. Particulars, including royalty rates, of all leases of State minerals and of receipts under the Minerals Development Acts 1940 and 1960 from royalties and fees are contained in the reports laid before the Oireachtas in accordance with the requirements of the Acts.
Can I take it from the Minister's reply that any money expended by this company was their own or their shareholders' and that the State did not contribute in any way towards the setting up of this company which has given such very substantial employment?
There were no grants.
Is that not rather unusual for an individual concern in this country?
