Vol. 359 No. 6
asked the Minister for Energy if the Tara/Bula take-over deal which was arranged and announced by him in December 1984, has been completed; if so, if he will now give full details; if not, the reasons for such an extraordinary delay; and if he will make a statement on the matter.
17.
asked the Minister for Energy if his agreement has been sought for the proposed take-over by Tara Mines of the Bula ore body in Navan; if such agreement has been given; when the proposed deal is likely to go ahead; and if he will make a statement on the matter.
I propose to take Questions Nos. 23 and 17 together.
As indicated in reply to a previous question, agreement in principle was reached some months ago between all parties concerned, including the State, in relation to the purchase by Tara Mines Ltd. of all the existing shareholdings in Bula Ltd. The deal in question has not yet been completed and I am not, therefore, in a position to give the full details.
Following agreement in principle, the preparation of the necessary contract documents and an examination of certain financial details were put in train. A number of significant problems emerged in the course of these exercises, which necessarily took some time to resolve. I am now hoping to bring the matter to a satisfactory conclusion in the near future on the basis of the representations which were made towards the end of 1984 by the parties concerned. If that should prove possible, I will then make a statement on the details of the transaction.
The Minister's reply is merely a repeat of what he said in January. Last December he put on the mantle of Santa Claus and announced the creation of 300 jobs for County Meath by the finalisation of this deal. He said that details would be announced in a matter of weeks. Could the Minister say why he failed to reach final agreement, state the problems involved and if he has considered the possibility of appointing a receiver, which may be the only way to sort out the problem?
I am well aware of the Deputy's antagonistic attitude towards this matter——
What sort of comment is that?
I am disappointed that this is taking such a long time. Some very complicated legal and financial matters have not been resolved, but it is hoped that these will be brought to a conclusion in the near future. There are important matters concerning which all parties must reach agreement. Such complications must be sorted out to everyone's satisfaction. I am not happy with the long delay and I should like to see the matter concluded in the best interests of all concerned in the very near future.
The Minister still has not answered my question. Has anyone considered the possibility of appointing a receiver? When he announced this last December, agreement had been reached. Is this part of the ongoing propaganda to mislead the people into believing that he had a present for them at Christmas? Does the Minister now wish to retract his statement and to apologise to the people of Meath for his announcement, which received banner headlines?
The Deputy's antics do not impress me. This is a serious matter for County Meath and, as I said, agreement in principle has been reached. However, it is a very complex issue, but I hope that all the parties concerned will finally agree on a number of complicated issues. Until they do, I hope that we will have their continued goodwill, which was so evident last year.
Deputy Mac Giolla rose
I cannot take a question from you. Only the Deputy with the nominated question is entitled to ask a supplementary.
I understand that since you took Question No. 17 I could ask a supplementary.
No. I can only take supplementaries on Question No. 23.
What is the point of taking Question No. 17?
They are linked and the Minister took them together. We should not be wasting time.
Time was wasted at the beginning of Question Time.
I told the Deputy, when he was making speeches on a question, that he was wasting his time.
His is wasting my time now.
I do not know the procedure.
I refer the Deputy to the order of the House and, if he wishes to come to my office to discuss it, he is very welcome to do so.
What is the point of taking Question No. 17——
I am asking Deputy Mac Giolla to resume his seat.
