asked the Minister for Industry and Commerce if in view of the great need for increased capital for essential investment in agriculture and industry the Government will now consider taking the rich mineral resources of the State into public ownership.
Ceisteanna—Questions. Oral Answers. - Mineral Resources.
107.
The State owns all reserves of gold, silver and petroleum and is estimated to own more than 60 per cent of all other mineral rights. The legislation empowers me, whenever I consider it desirable in the public interest and subject to payment of compensation, to acquire for exploitation minerals which are not being worked or are not being worked efficiently and to grant, subject to such terms and conditions as I think proper, leases for commercial explotation of State minerals.
It is the policy of the Government not to participate directly in mineral exploration and development but to provide adequate facilities and incentives to competent private enterprise concerns to engage in such activities. No change in this policy is envisaged.