Government to spend $75 million mining shares windfall

Key points

• A $10 million loan from the Tasmanian government to the King Island tungsten mine, converted into shares, is now worth $75 million, the government revealed on Tuesday. Premier Jeremy Rockliff said the mine's revival had exceeded expectations.
• Of the windfall, $50 million will reduce state debt, $20 million will seed a regional fund to strengthen communities facing economic disruption, and $5 million will go to the island's school.
• The shares will be sold gradually, as Mr Rockliff said holding mining stock is not the government's role.