Nyrstar

The Hon. D.G.E. HOOD (15:12): My question is to the Treasurer. Will the Treasurer update the house on the ongoing negotiations with Nyrstar?

The Hon. R.I. LUCAS (Treasurer) (15:12): I thank the honourable member for his question, because on 17 May I did make a ministerial statement in this house on the important Nyrstar Port Pirie development. In that statement I did indicate that I would update the house from time to time in relation to the progress of that most important issue.

Again, I repeat, as I said on that particular occasion, based on the statements that Nyrstar have made, that the redevelopment of their project at Port Pirie, from their statements, is going well. They believe it will be, from their company's viewpoint, productive. More importantly, from South Australia's viewpoint in terms of jobs and families in Port Pirie and surrounding areas, we are hopeful that the statements that Nyrstar have made about the progress of their project are indeed accurate, because we do want to see the Port Pirie community thrive in terms of jobs and development.

On 17 May, however, I indicated that Nyrstar had advised the government that the payment of $37 million scheduled for 28 May would be deferred. I can indicate now that, after further discussions, Nyrstar this week paid $7.88 million in funds to cover the interest and fees component of this scheduled payment amount. However, an amount of $29.125 million, representing the first targeted amortisation payment under the financing arrangements, remains outstanding. The government has agreed to continue further discussions with Nyrstar on the issue of this payment, together with the additional payments that I referred to in my ministerial statement, scheduled for November of this year and May of next year, which, as I indicated, Nyrstar has previously indicated to the state that it also intends to defer.

As I indicated on 17 May, and it remains the position of the government, we continue to reserve our right to take all steps that may be necessary to ensure that Nyrstar meets its contractual obligations. As I indicated on 17 May, I would continue to update honourable members on developments as appropriate, and I believe, in the interests of transparency and accountability, the development this week was something that I should recount to the Legislative Council chamber and, as I said, where appropriate in the future as these negotiations or discussions continue, I will update the Legislative Council chamber at that particular time.