Chapter 11 UTAH Down UNDER 233 The new government seemed determined to redress what it saw as irresponsible laxity in government oversight of precious natural resources. In a confidential report to the federal committee in charge of “ownership, control and development of the Australian mineral resources,” a government spokesman hammered the Liberals for a policy designed “to maximize short-term company profits at the expense of any national ideals or goals.” He then stated the new government’s horror at the discovery that “foreign ownership and control has [sic] reached the alarming figure of 62 percent for minerals.... We are not going to allow these figures to rise and will work to see them decline over all,” the report vowed. “It is a wonder there is anything left of the quarry at all.” True to its word, the Labour government imposed an immediate ceiling of 62 percent on the foreign ownership of mineral rights and stopped all “farm-in” agreements, whereby small companies would invite larger companies to work their leases. The government argued that because much of the exploration for new mineral reserves had proceeded without an “equity participation in the mineral wealth recovered,” the discoveries came at the expense of the Australian people, who provided support through “Commonwealth subsidies and taxation concessions.” The world energy crisis, of course, had aggravated the whole problem. Australia openly resented attempts by the United Nations Committee on Economic Cooperation and Development to pressure smaller nations holding surplus reserves “to make them available at prices to be dictated by the major powers.” Harsh rhetoric from their new leaders echoed the distress of many Australians over the lack of policy restricting foreign capital and/or operations in Australia. While Utah and its partners had taken advantage of this situation, they could argue honestly that they did so openly, lawfully, and without malice. As late as the fall of 1970, the Queensland mines minister had praised UDC for having “clearly demonstrated a genuine interest in development so planned as to provide the best possible benefits for Queensland and its people.” Local citizens also seemed generally pleased. Operations in the Bowen Basin had brought beneficial changes to the desolate barrens of northeastern Australia; Moranbah and Blackwater appeared to be contented communities. Recalling the