Tariff Protection For Australian Copper Mines

Press, Volume XCIII, Issue 27989, 8 June 1956, Page 16

Tariff Protection For Australian Copper Mines

The Australian Government has decided to continue existing tariff protection for copper “in the interests of maintaining and developing an integrated copper industry capable of meeting all requirements.” In deciding upon this policy, the Government has rejected the three principal measures proposed by the Tariff Board in its copper report of October, 1954, states the Australian Financial Review. These measures were:— Abolition of the export control on copper; duty-free entry for unrefined copper; and a tariff on imported refined copper of £4 a ton subject to review after two years. Announcing the Cabinet decisions, the Minister for Trade and National Development said the Government’s intentions were:— Not to disturb the existing tariff treatment of copper in basic forms, such as blocks and ingots; to continue the concessional tariff treatment of imports of basic copper required to supplement local production; that the existing export control on basic copper should continue. If the price of imported copper fell considerably, and if interested Australian producers made representations, the question of whether any and what assistance should be given to the copper industry would be referred to the Tariff Board. This reference would also cover the nature and extent of assistance necessary to keep each of the major Australian copper producers in operation. The Minister said: “In arriving at these decisions the Government has had in mind the value to the economy of the producing, refining and fabricating sections of the industry. “Mine production of copper in Australia has risen to above 40.009 tons, of which all but 4000 tons is »induce'’ by Mount Isa, Mount Lyell, and Mnunl Morgan interests. “Recent deevlopments at Mount Isa

and Tennant Creek indicate that production will possibly increase in the future and Australia appears to be moving from a net importer to a net exporter of copper. The resultant gain in foreign exchange will be substantial, particularly in view of the present high price levels ruling. “In retaining the present scale of duties, the Government has in mind the desirability of encouraging plans for the development of copper refining in Australia, such as those tentatively announced by Mount Isa mines. “Australia has an industry capable of processing Australian mined copper from the mine to finished products. The maintenance of an integrated industry is especially important as copper may not be readily available in sufficient quantities from overseas sources, particularly in times of stress. Continuation of the existing export control will ensure retention of this integrated industry. “The costs of copper production vary as between different mines and consequently falls in the world price of copper can be more serious for one mine than for another. The present price of copper provides a satisfactorv margin for all producers, but if there were to be any big fall it may be important to consider special assistance for particular producers. “Any such assistance, however, can only be determined in the light of the long term prospects of the producer concerned, and also the importance of such a producer continuing in existence in order to maintain settlement in otherwise sparsely settled areas.”

5000 Guineas for Ram.— Top price of 5000 guineas was paid for a s ud ram at Sydney’s annual sheep aco today. A South Australian sheep breedei, Mr John Davies, was the successful bidder. Th ram was bred at the Bundema’ 3 ud. Trun le North-West N?w S'u h and was scld on behali of ne estate ot F E. Body, of Tr-ngie.—Sydney, June 6.