King Island mine shares now worth $75 million to Tasmania
Some $20 million will go to a regional fund, $5 million to King Island's school and $50 million to state debt.
Tasmania's $10 million loan to a King Island tungsten mine is now worth $75 million in shares. The loan helped the mine reopen in 2023, and it was converted into shares.
The government revealed the shares' new value on Tuesday. Some $20 million will go to a regional fund for communities facing big economic disruption.
$50 million will pay off state budget debt, and $5 million will go to King Island's school. Premier Jeremy Rockliff says it is not the government's role to hold mining shares.
The shares are expected to be sold off gradually. Thirza White, the union's general secretary, called the fund 'little more than a stunt'.
The union says it cannot be reconciled with the government's plan to cut about 1800 jobs over five years.
- $10 million, later converted into shares
- Original loan
- $20 million
- Regional fund
- About 1800 over five years
- Public sector jobs
- $6.5 billion in June
- State debt
Why it mattersThe state has spent heavily keeping mines and smelters afloat, so taxpayers have a stake in how they do.
AustraliaTasmanian public services face plans to cut about 1800 jobs over five years to tackle debt that stood at $6.5 billion in June.
✓ Claims checked against the source. checked 2 h ago
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