MEDIA RELEASE

DEPUTY PRIME MINISTER AND
MINISTER FOR TRADE

TIM FISCHER

20 April 1999

Fischer Salutes Miners Export 'Zone of Excellence'

Deputy Prime Minister and Trade Minister, Tim Fischer, has saluted the mining industry of North West Queensland, describing it as an export 'zone of excellence'.

He was speaking at the 1999 Carpentaria Mineral Province Mining Expo in Mt Isa today.

Mr Fischer said mining was the most internationally competitive and export-orientated sector of the Australian economy, generating exports worth $41 billion in 1997-98, more than onethird of Australia's total exports.

"Mining companies in the Carpentaria Mineral Province are making a solid contribution to that national effort, despite the difficulties of world commodity price shifts."

He said the exciting new project by WMC Fertilizers Ltd to convert sulphur dioxide emissions from MIM's Copper Smelter to produce sulphuric acid, was an example of 'clever' value adding which will also benefit the local environment. The sulphuric acid will then be used to produce ammonium phosphate fertilisers for domestic and international use."

"This sort of diversification will ensure a strong future for the North West," he said.

Tax reform benefits miners

Mr Fischer also reminded Expo participants that the Federal Government's tax reform plans, currently before the Senate, will lower mining industry costs by 4.4 percent. He said the key benefits from the new tax system included:

• every tonne of mineral exports to go GST-free;
• crippling sales taxes to be removed - GST on business inputs will be refunded
• diesel fuel costs to be slashed, including for rail transport and power generation;
• FBT exemption on remote area housing for mining employees.

Mr Fischer said the Federal Government has also assisted the mining sector through lower interest rates and a more competitive dollar, as well as amending Native Title laws.

He applauded the Expo organisers -MITEZ, Mt Isa Council and Chamber of Commerce.