N.Z. ORE PROSPECTS “INTERESTING”

Press, Volume CXIV, Issue 33539, 21 May 1974, Page 12

N.Z. ORE PROSPECTS “INTERESTING”

There was little doubt that New Zealand could look forward to an interesting future in minerals, with many important discoveries to be made and known resources to be exploited, the Australian Institute of Metals was told at its annual conference in Christchurch yesterday.

However, said Mr M. H. Buckenham, of the University of Otago department of mineral technology, the successful ventures would be very few in relation to the prospects evaluated. The exciting times of the 1860 s were unlikely to return.

This trend was partly national parks and environbecause of declining metal mental issues. prices and restricted mineral sighted' 8 change existing markets, but it was encour- conditions during the early

aged by “disincentives” — removal of special taxation provisions for mining companies, a demand for greater equity participation and less foreign capital involvement, no special provision for companies requiring high amounts of power, and problems associated with

stages of a long-term mineral development programme,” said Mr Buckenham. “The time will inevitably come when once again New Zealand will be looking to minerals to assist a struggling agricultural economy. Lost confidence will not be easily restored.’ _

He said that, because of environmental and related considerations, it was a matter of opinion whether the development of natural resources such as minerals was economically and socially desirable.

“The issue becomes even more debatable if such development must be dependent upon the finance and expertise of overseas companies, as it surely must be in New Zealand, at least at present,” said Mr Buckenham.

He said that the energy crisis would emphasise the need for a greatly expanded mineral production, and a study of history would show that New Zealand could not continue to rely on mining the “golden fleece.” GOVT POLICY Government policy on minerals was revised about 1962, and the early effects were most encouraging and ■far reaching, leading to special taxation and investment allowances for mining comoanies, the rewriting of the Mining Act, the encouragement of overseas partici- ; pation and capital in exploration, and the setting of | priorities and targets, said Mr Buckenham. “This resulted in a period of quite intense mineral exploration, but perhaps more important, a change in attitude at the Government and public level to the national importance of mineral development and to the prospect of successful discoveries being made in New Zealand.” Developments during this ■ period included the iron and I steel industry, the Bluff alu- ! minium smelter, the discovery of gas and condensate the export of iron sands, base-metal production. ,and many important mineral' i discoveries. LESS PROSPECTING But, Mr Buckenham said, it was disappointing to see in the last two years a decrease in exploration activity and expenditure, a trend! that could be expected to continue this year, I

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