Vol. 437 No. 1
10 Mr. Rabbitte asked the Minister for Transport, Energy and Communications if he will give the total estimated extent of the Tara ore body in Navan, County Meath; if he has satisfied himself that the State has got the best possible return from this valuable resource; and if he will make a statement on the matter.
On the basis of published information provided by the company the total estimated remaining ore reserves of Tara Mines Limited are about 43 million tonnes.
I am satisfied that in the light of certain weaknesses in the original agreement with Tara Mines Limited which were discussed in detail in the debate on the second interim report of the Committee of Public Accounts on 6 June 1991, the State has obtained the best possible return from this resource, the details of which I furnished to this House on 27 October 1993 in response to a question from the Deputy.
The Minister of State is outstanding in his own field. The second interim report of the Comptroller and Auditor General concluded no such thing; in fairness to the Office of the Comptroller and Auditor General the Minister of State, or whoever wrote that note for him, should correct the record. Is the Minister of State aware that £966 million worth of zinc and £144 million worth of lead was exported by the company giving a total return to the State of $16 million or £11.4 million in respect of past and future royalties at the time we disposed of our remaining 25 per cent stake in the Tara ore body, the subject of the investigation referred to by the Office of the Comptroller and Auditor General? The Minister of State has an unbelievable ability with a brass neck to stand up in the House and say almost anything but is he seriously saying that the taxpayer got a reasonable deal for the wealth exported from Navan?
Perhaps the Deputy should consider his own metallic evolvement from lead to brass given the statements he has made over the years rather than castigate me for giving the facts. I have the documentation here in which this matter involving Tara Mines is covered in great detail. The committee, of which the Deputy is a member, was given the information but the Deputy is now seeking the same information. It is acknowledged that there was a major weakness in the agreements initiated and concluded in the 1970s but following the appointment of an arbitrator, we were able to rectify this and, to the satisfaction of the Revenue Commissioners and everybody involved, the State received $50 million in respect of past and future royalties. The Deputy should acknowledge that this constituted progress.
It is not true that the State received $50 million; it received that amount for selling its 25 per cent stake and for royalties, both past and future. The Minister of State should correct the record.
I have not said otherwise.
There have been substantial finds at Galmoy and Lisheen. I am seeking to establish whether any lessons have been learned or whether we will do the same again.
Finally, does the Minister attach any credence to the information adduced in an affidavit in the High Court recently about this matter? Does he discount that out of hand or does he think it has any influence in the State allowing itself to be ripped off in the manner it was? I am not suggesting one thing or the other; I am inviting the Minister to take the opportunity to discount it if it ought to be discounted.
Deputy Rabbitte has moved two stages. First, I have not said otherwise pertaining to the amount of money which the State has received. I clarified the position and what the environment was on the day in regard to agreements between the State and Tara Mines on minerals. We acknowledge that there was a major weakness. As to whether the State has learned lessons from this, of course we have; and in any future deal there will be absolute transparency and bona fide decisions taken that will be binding on all parties so that the State gets a fair return for mineral resources in this country. As a legislator I take full cognisance of any decisions of any court and we await the outcome of the present position before the courts at this time.
Stonewall Jackson.
