00:02Deep under King Island, this tungsten mine employs nearly 100 locals.
00:07Now the Tasmanian government says it's also set to support other communities.
00:12It's paid off, and it's paid off in spades.
00:15In 2021, the government loaned the mine's owner $10 million to help it reopen.
00:20When the mine couldn't afford to repay the loan, the government turned it into an ownership stake.
00:26Now the price of tungsten has soared, and the government's selling its shares for about $80 million.
00:33The government's role is not to own mining shares as such, and so we'll be extracting ourselves out of the
00:43business over time.
00:44It'll use $20 million from that windfall to start an investment fund
00:49to support regional communities experiencing economic shocks like the closure of a major employer.
00:55I would like to see this fund grow and be there for rural communities and regional communities when economic shocks
01:05happen.
01:07The government will use $50 million to pay down the state's debt,
01:11which is expected to peak at around $10 billion towards the end of the decade.
01:16Another $5 million will be spent right here on the island.
01:19King Island's school will get $5 million for infrastructure upgrades, including an undercover basketball court
01:27to replace an outdoor court that can't be used in bad weather.
01:31Year 5 students Tyson and Jamie wrote to the Education Minister to ask for the new court.
01:37Did you think it would work when you sent off that letter?
01:40Well, we weren't really sure, but now, yeah.
01:44Were you surprised when you got the reply?
01:46Yes, very surprised.
01:48What was that moment like?
01:50Pretty good. I was pretty happy.
01:53For a community that struggled when the mine was closed, it means a lot.
01:58Having that investment coming back through from the mine is fantastic.
02:04Light at the end of the tunnel.
02:07Although the American's school is not there, it means a lot.
02:07But it was a lot of private prisons.
02:07I think it was too because a lot of private prisons.
02:08They were able to help us.
02:08They were able to help us out.
