§ Mr. Matthew TaylorTo ask the President of the Board of Trade (1) what assessment was made, and when, with the costs of closure of the South Crofty tin mine in Cornwall on(a) employment, (b) related industries, (c) the environment and (d) the National Rivers Authority operation at Wheal Jane (i) by his Department and (ii) in conjunction with other Departments; and if he will make a statement;
(2) what cross-departmental cost-benefit analysis was undertaken of the possible impact before refusing Carnon Consolidated a further loan; and if he will make a statement;
(3) what assessment was made of the impact on Carnon Consolidateds tin mining operation of refusing its request for a further loan; and what conclusions were reached.
§ Mr. SainsburyOn 21 December 1993 Carnon's directors made a formal application to the Department for832W permission to draw additional monies from the existing loans, which had been made under section 8 of the Industrial Development Act 1982; these loans were suspended in June 1990 on the grounds that the project was in jeopardy. When the application was made on 21 December 1993, the company's Directors were seeking an urgent decision in January 1994. Canon submitted financial and other information in support of its request.
The decision to refuse further drawings from the loans was taken under the legal and financial criteria which apply to selective financial assistance under the 1982 Act, taking account of economic and employment considerations and the information available about the environmental implications. Assessment of the environmental issues is continuing.
Because of the need to maintain commercial confidentiality, I cannot disclose the results of the Department's investigations. Discussions continue with the company on their plans and proposals.