asked the Minister for Industry and Commerce the present financial status of Saint Patrick's Copper Mines, Avoca; their ownership: their assets and debts; and if he will make a statement on the future of mining in the Avoca area (a) under Irish private enterprise, (b) under external private enterprise, and (c) under State ownership.
Ceisteanna—Questions. Oral Answers. - Avoca Copper Mines.
47.
St. Patrick's Copper Mines Ltd. is in the hands of a Receiver who has paid the commercial debts incurred by the company in connection with their operations at Avoca. The Minister for Finance holds a mortgage interest of £1.9 million on the assets of the company and the company's total indebtedness to the State in respect of financial assistance is approximately £3 million. The assets of the mine include land, buildings, plant and machinery and the interest of the lessee under the State Mining Lease.
On 16th September, 1966 the Receiver granted to an international consortium an option, exercisable over a maximum period of thirty months, to purchase the assets of the Avoca Mines. The consortium are still investigating the mine's potential and it would not be appropriate for me to make any statement at this stage as to the prospect of the mine being re-opened.
The Minister mentioned two figures—£1.9 million and £3 million, and that the Minister for Finance holds a mortgage at £3 million as total indebtedness to the company. Does the latter figure of £3 million include the £1.9 million, or is it in addition?
No, it includes the £1.9 million.