Document 6mbkLp8YG9rM1o775xZ9avE6
FILE NAME Manville JMA
DATE 1978 Oct DOC JMA202
DOCUMENT DESCRIPTION Newspaper Article
Government The Federal
#
has reversed its decision not
to assist Woodsreef Mines its
:
/
| Com-
40
Ltd and will offer the ailing assistance
NSW asbestos miner a loan
ock of | ock and 25 | per
| and #nO
| by pay-
by Gions Gions to
of up to 1.4 million
The about by Cabinet
follows a decision by the Com mercial Bank of Australia Ltd
to contribute towards keeping
the company going The CBA has put about 19 million into |
| acity of
medi the | operatins in the 8.9
in cial
cial
ex-
| agreed advance recommendation from assistance firms also the with short ere Govern-
Woodsreef Der ces at
waive royalty payments ; people Barraba laps aith no
estment byGovernment's in Ltd Wo dsre f and | the last the whichof Canada closed aber log to
Woodsreef since the Barraba mine began operations in 1972
The NSW Government has
to
Federal
.
Government's
the
company's
5 not solved by
company
million and to
a recomendation
employs
end of
The Federal
up to the Industries
missiAuoguAnsstsistance .
_.
Com
' at aserted
*
company
but the
Can-
Woodsreef which 58
closed
offer was announced in Can- owned
if mine the
would
lfiacartionere to berra night Minister Minerals ascisions could
1 back er in-
wie ex-
ent US reco1v8e2r.e2d5 -|
The dollar :
from its low point of 181
trade
_
on Monday to close at 182.25 yesterday Tokyo
Tokyo yen yesterday on the
foreign exchange
up
in
Austra which But value of the
nt lian measured fiagain foricted
-
lian dollar
authories trading 8.8 per cent currencies of major trading
last authorities Anthony authorities er The
authorities
Ww
us
le the
Anthony said matter over
;
;
re-
rei
a
sarah: HBS
ig
}
}
USTRALIAN Wednesday October 25 1978 11
a
i
,
t
medium and long- | 8.9 per cent comcial rate of 9 pc
ere was plenty of
eet
reverses
Barraba -
per cent term laps as low as 8.7 aber loan eserve Bank pulled nd this was taken fication that rates
far as they were
loan
Government decision
THE Federal Government
loan to will offer a
of up
1.4 million to assist -
maintaining operations of a
* back to a long-
the Chrysotile Corporation :
ent with a maxi8 per cent Some on this belief and
term bond yield
* below 9 per cent
ring 8.888 per cent 1980 bonds were
nt
.
e again for a long-
8.8 per cent and
er The authorities
le the matter over
B
Ltd asbestos mine at Bar- /
raba in northern NSW
The offer is based on the willingnessGovernment of the~
NSW Government and the
contribute Commercial Bank of Aus.<
traila also to
toward keeping the com-
pany in operationMinster ther
Anthony Deputy
Mr. night
The
viewed
-
Prime
Minister
said last
Governments |
its decision not to%
provide assistance an-
nounced on October 13 | &
following provision by the
&
company of further infor-
mation relating to its
@
market prospects and
other matters and fol- @
the lowing
the .
indication by that Was
_
|
willing
bution
Anthony to make a contri-
Mr
said
iB
+.
The decision announced 5
on October 12 was based&
zen expenditure pat- on a recommendatipit by
"
the Industries Assistance
.
to Commission against giving
secured permission funds for upto 180 short assistance to
cow i for . through promissory the production
es asbestos First issues in June in Australia o--* eee 4
. year they found maracceptance and the
mission raised 20 mil-
at attractive rates of
rest
Somervaille said the y acceptance of the nissory notes added
billty to the commis-
s overall funding and icated they could me the main avenue
paymentsGovernment The NSW
;id
royalty has
offered
to waive to the
end of 1979 and to ad- ss.
vance up to 2 million to <
assist the company miolvleinoSnrr that period
Finucane co
WOODSIDE Petroleum'sPetroleum's
borrowing short
Regional Endeavour drill-
has to the future
ship
now moved the &
Public loans profits site of the Finucane No 1
resented about 42 per
t of Telecom's annual well on the North West
estment of 937 million Shelf
458m new works and ser- The well is now at
es he said
and ta testing sub
cov This investment equipment prior to
4
i
drilling aes d 110 major projects ahead
a
ote
Osis
Ne