Million A Year.
p. 39 · Read in the full issue
N.G. Gold in 1933.
WE have been able to assemble the following figures, to show the value of the New Guinea goldfield, which is now entering upon its second stage of development.
Bulolo No. 1 dredge commenced oper ations on March 21, 1932, and is pro ducing at the rate of nearly 5,000 ozs. per month. Bulolo No. 2 dredge will commence about the 1st of October on ground of similar value.
New Guinea Goldfields Ltd.’s, new mill has just commenced operations, at Golden Ridges, three miles from Wau, and is estimated to be handling about 100 tons per day, worth about £5/9/per ton—say between 30,000 and 40,000 ozs. per annum.
The Day Dawn, Ltd. plant is to be duplicated.
There is no diminution in individual production, nor from New Guinea Gold fields, Ltd. alluvial production at Edie Creek.
A goldfields man, thoroughly compe tent to make a forecast, estimates that the following will be the production of the field as from January 1, 1933: Ozs. per annum.
From individual miners, from Eidie Creek alluvial (N.G.G., Ltd.) and from Day Dawn, Ltd 82,000 From N.G.G., Ltd. mill at Golden Ridges 30,000 From Bulolo Co’s, two dredges, each 4,500 ozs. per month 108,000 Total 220,000 The 82,000 ozs. is valued at £4 per oz.; and the balance at £4/10/-. This gives a total annual production worth £949,000 —which is by no means an ex cessive estimate.
This will give the N.G. administra tion £47,000 ner annum in gold royalties During 1933, the Bulolo Co. will be erecting its Nos. 3 and 4 dredges (now under construction) and N.G.G. Ltd. will be getting ready to produce from the Edie Creek lode.
By 1934, gold to the value of £1,250,000 at least, should be coming out of this field.
All the foregoing values are calcu lated in Australian currency.
The second of the Bulolo dredges will commence operations in October.
Mr. L. V. Waterhouse, a technical director, accompanied by Mrs. Water house, will leave Sydney for the field by the “Macdhui” on September 22, and Mrs. Waterhouse is to christen this dredge.
The “Macdhui” on this trip will also take to New Guinea the first parts of the No 3 dredge of the 'Bulolo Co. It is expected that by the time this ma chinery arrives at Lae, the new aero drome on the Bulowat property, which is the site for this dredge, will be ready to take the G.31 Junkers engaged in transporting the heavy machinery in land.
Production of the Bulolo Gold Dredging, Ltd. for the four weeks ended August 15 is shown below, with a comparison of the returns for the two previous periods:— Four weeks ended.
June 19. July 18. Aug. 15.
Pubic yards 192,500 198,000 219,000 Gold. oz 3,873 4,003 5,211 Value— Gold basis £10,758 £12,952 £14,475 Per cubic yard . . 1/1.41 1/3.05 1/3.87 Aust. currency .. £18,029 £ 22,105 £25,390 Per cubic yard .. 1/10.47 2/2.78 2/3.82