Mining Notes
pp. 70-73 · Read in the full issue
From Fiji
Emperor Mines, Ltd.
CUTURE of Emperor Mines, Ltd., could be 1 viewed with every confidence, said the chairman (Mr. Wallace H. Smith) at the annual meeting in Melbourne in November. All evidence pointed to a long life of uninterrupted dividends with possibilities for increased output and re turns. In addition to overburden removal, open ing up of sufficient working faces to permit regularity of feed, coupled with the necessity to tram additional personnel to handle the larger tonnage needed for the steady increase in out put, all tended to raise costs. Now that full production has been reached, and the mine pre pared for large-scale operations, it is hoped that it will be possible to further reduce costs.
The general manager (Mr. N. E. Nilsen) re ported that from geological evidence there is reason to believe that further exploration will show considerable extension, laterally, as well as downward in the known lodes. Because of the great size of the bodies already disclosed, and the unusual nature of their occurrence, consider able time must elapse before all ascertainable limits have been defined at the present depth.
Recent yields compare as follows:
Combined Head Value averaged 6.9 dwt. per ton New mill head value 6.9 dwt. per ton.
Pilot plant head value 5.9 dwt. per ton. New mill residues 0.53 dwt. per ton. Pilot plant
residues 0.55 dwt. per ton. Concentrates from pilot plant estimated to contain 50.75 oz. fine gold stored for further treatment.
The last progress report, at the end of Novem ber, stated that over-all recovery from semi sulphide ore, using cyanidation and flotation, was considered satisfactory. It was anticipated that installation of two fagergren cells just arrived at the mine would increase the capacity of this plant. Koroere Area: Chum drill tests deferred until electric transmission line completed.
General erection of lime burning plant at Tau nearly completed. Expect start furnaces early in December. Bulk oil tank at Vatia about com pleted.
Loloma (Fiji) Gold Mines N.L.
Loloma (Fiji) Gold Mines N.L. reports that the new agitators in the treatment plant are working well, and that extraction is now over 95 per cent. The flotation section is completed, but running is delayed because of the recent strike of native labour.
Latest yields compare as follows:
Announcing a dividend of 1/- a share payable on December 8, the Co.’s chairman, Mr. P. F.
Cody, addressing shareholders at the third an nual meeting in November, said he confidently expected that the property in Fiji would be pro ductive of good dividends for a long time. He hoped that dividends of 4/- a share per annum would be possible. If sufficient ore was opened up in the bottom level production might be in creased, which would enable more to be paid out in dividends. Ore in sight was equal to six years’ production, exclusive of ore which should be opened up by further development.
Mt. Kasi Mines Limited
Yields from the Mount Kasi Mine, Vanua Levu, Fiji, for the past four months, are compared in the following table:—
From New Guinea
Bulolo Gold Dredging Ltd
A PROFIT of 3,453,463 dollars (£A908,806) was earned by Bulolo Gold Dredging, Ltd., for the year ended May 31. 1938, before providing 322,633 dollars for amortisation. Two dividends required 3,000,000 dollars, leaving a credit bal ance of 2,150,310 dollars, as against 2,019,480 dollars at the beginning of the financial year.
Bullion won returned 4,73u,848 dollars and sundry income 72,340 dollars. Working costs amounted to 979,243 dollars, royalties 234,366 dollars freight refining 18.860 dollars, miscellaneous ex penses 117,253 dollars.
The following table shows the production and yardage for the year, and the totals to date:—
Production of the Co.’s dredges in New Guinea from August to October last was:—
Throughout September the Number 2 dredge was digging in very low values to reach a new location.
Day Dawn South (N.G.) N.L.
Directors of Day Dawn South (New Guinea), N.L., Intend to recommend that the company be wound-up, and the fund* distributed to the holders of the 82,750 shares. As a result of royalties received from tributers, the Co. has in hand £1,400. The tribute was completed on October 20, the directors state, and there is no
Pour weeks ended Sept. 7.
Oct. 5. Nov. 2. Nov. 30 Ore treated, tons 14,583 13,901 13,183 13 085 Head value, dwt. 6.3 6.5 6.81 6.9 Gold, oz. fine .. 4,120.6 4,165.7 4,109.4 4,110 Residues, dwt. . 0.53 0.62 0.5 0.53
Oct. 2 Nov. 2.
Nov. 30.
Tons crushed . . 13.901 13.183 13.085 Head value, dwt. .. 6.5 6.81 6.9 Yield, oz. (est.) .. 4165.7 4109.4 4110 Dwt.. a ton .. 6.0 6.23 6.28 Tailings, dwt 0.62 0.5 0.53
Four weeks ended.
Sept. 7. Oct. 5. Nov. 2. Nov. 30.
Ore. tons .. . 2,754 2,778 3,318 3,272 Gold, fine oz. 615 662 695 671 Value (£A.) . 5,381 5.792 6,081 5,871
Year ended May 31. 1936. 1937. 1938.
Bullion, oz. 175,469 198,229 194,956 Gold, fine. oz. . 121,35* 137,325 134.715 Silver, oz 52,852 59,038 58,891 Cubic yards . . 10.915,500 11,197.000 11,222,000 Grs. fine gold per yard* 5,372 5,919 5,793 ♦Includes silver values converted into gold.
Aug. Sept. Oct.
Cubic yards .. 1,249.000 1.138,000 1,260,000 Bullion, oz 23.492 15,271 19,547 Gold, fine, oz 16,209 10.537 13.487
Value—
Aust. currency* .. £141,829 £92,199 £118,011 Value, per c. yd. . /27.2 /19.4 /22.5 Working profit .. £100,695 £63,875 £77,192 *At £ A8/15/- per fine ounce.
possibility of arranging for a further tribute, though the results obtained indicated the need for proper development and equipment of the mine.
New Guinea Goldfields Limited
The following progress report for October has been issued by the Mining Trust Limited, con sulting engineers for N.G. Goldfields, Ltd.:—
Enterprise Of N.G. Gold
Enterprise of New Guinea’s clean-up at Sur prise Creek mine for November amounted to 34 oz. of retorted gold from 2,730 cubic yards of wash. Floods and heavy rains delayed opera tions during the month Development is now proceeding on three levels at Edie mine. Deve lopment footage for November was 325 ft. No. 2 level is in hard iron-atained quartz, assaying 10 dwt. 9.6 gr., over 30 in., at 140 ft.; and 11 dwt. 19.2 gr. at 150 ft. The steam and com pressed air plant is functioning satisfactorily.
The Co. incurred a loss of £6,829 for the year ended August 31. The loss for the previous year was £7,677. Current assets at balance date ex ceeded outside liabilities by £3,294. A yield of 677 oz. of gold and 427 oz. of silver realised £5,760. The Surprise Creek mine earned a small working profit. Development work proceeded with encouraging results on the Edie lode. The man ager (Mr. H. Taylour) states that the average value of the wash at Surprise Creek Mine is much too low under present working conditions to provide other than low returns. The Edie mine is opening up well and justifies an optimistic outlook.
Sunshine Gold Development Ltd.
Sunshine Gold Development, Ltd., New Guinea, shows a profit of £13,111 for the year ended September 30, compared with £14,123 for the previous period covering 14 months. Two divi dends of 6d. each, equal to 10 per cent., require £10,000. After a transfer of £5,000 to reserve, the carry forward is reduced to £5,916 from £7,805.
The sluicing plant treated 220,800 cubic yards for a gross return of 4,159 oz., of a net value of £25,530, to which is added £777 from the Un daunted lease tribute. Working costs, including depreciation, amounted to £10,705, or 11.63d. per cubic yard. Heavy flood on the Watut River in the early part of the year caused loss of sluicing time and affected the yardage treated, the direc tors report. Another adverse factor was the re moval of an ancient stone-slip in the face of the gravels. The Co. sluiced considerable ground outside the tested area which proved to be pro fitable. According to the present working plan, operations should be within the selected area for some time ahead.
Production figures for the last quarter show: —
Sandy Creek Gold Sluicing Ltd.
The mine manager of Sandy Creek Gold Sluic ing, Ltd., New Guinea, reported early in De cember that recent yields compared as follows:
Mt. Lawson Prospecting Syndicate
One of the most spectacular New Guinea syndicate stocks of the gold-mining boom period of 1935, Mount Lawson Prospecting and Option Syndicate, N.L., will go into liquidation at an early date. The Co.’s main interests were centred in New Guinea, its offshoot companies being Upper Watut Gold Alluvials and Irowat Alluvlals.
From Papua
Papuan Apinaipi Petroleum Co. Ltd.
NET expenditure of Papuan Aplnaipi Petro leum Co., Ltd., for the year ended June 30 the first of operations, was £8,074, including field expenditure of £6,640.
At November 5, the date of the report the Olapu bore was down 1,124 ft. Gas came in at
224 ft. and 774 ft. A slight trace of oil was noticeable at 774 ft., and was continuous to 842 ft. Oil and gas appeared again from 1,047 ft. to 1,065 ft.
The new issue of 150,000 shares of 5/- each should provide sufiicient capital, the directors state, to enable the programme set out by the technical members of tne Commonwealth Oil Advisory Committee to be carried out, thus prov ing the possibilities of the area, and placing the company in a position of being able to secure
Aug.
Sept.
Act.
Edie Creek mill — Gold, oz., fine .. 1,154 1,162 670 Silver, oz., fine .. 3,865 3,734 3,781 Alluvial— Gold, oz., fine .. 809 785 863 Silver, oz., fine .. 612 572 636 Golden Ridges mill- Tons treated .. 1,200 1,633 1,155 Gold, oz., fine .. 113 401 554 Silver, oz 116 542 647 Operating profit— Edie Creek .. .. £2,532 £307 £743 Golden Ridges .. £1,005* £300* £222t Alluvial 2,700 2,591 2,597 •Loss. Low grade tailings and ore treated. ■fLoss, due to low tonnage.
Quarter ended November 30 Cub. yd. Hrs. Gold, oz.
September 19,30C 552 497 October 18,100 644 450.55 November 18,378 442 537.5 Total 56,778 1,638 1,485.05 Previous quarter 80,600 1,617 834.1
Aug. Sept. Oct. Nov.
Cubic yards . . . . 18,497 19,644 16,073 19,154 Gold, oz 53b 359 368 445 Per cubic yard ... 4/4 2/9 3/5 1 /» 3/6 Working cost .. . . 1/2 1/0 Vs 1/2 Vs 1/3
the assistance of the Federal Government, both by subsidising expenditure and by the hire of full-sized drilling plants. The area in Papua taken over by the recently-formed £1,000,000 Co. (Australasian Petroleum Co.), the directors point out, adjoins the area held by the Apinaipi Co.
None of the 100,000 shares to be issued as fully paid to the vendors has been allotted, and the principal vendors have agreed that their vendors’ shares are not to be allotted until evidence of petroleum to the satisfaction of the directors shall have been obtained or the company dis poses of its interest to another company by re formation or otherwise. Paid-up capital appears at £24,997. Cash balances at June 30 were £6,044. Preliminary expenses amounted to £4,514.
The directors state that the aerial survey of the whole of the Co. s permit area has been com pleted. The aerial photographs obtained will facilitate the examination and mapping of the structures.
Mandated Alluvials N.L.
The chairman of directors of Mandated Al luvials, N.L. (Mr. S. H. Carroll), said at the annual meeting in Sydney in November that it was hoped that the Co. would be on a dividend paying basis by March or April. He described tne Co.’s position as “rather hopeful”. Had it not been for the coal strike, a dividend could have been paid now, he said.
The Co. had been handicapped by difficulty in obtaining coke and by a shortage of labour. Now, however, the position regarding the supply of coke was better than it had ever been, and there were no difficulties with either labour or the plant on the field.
It was expected, Mr. Carroll proceeded, that the plant would run for 20 days a month in the future. Difficulty in obtaining coke had pre vented this rate from being reached before. Dur ing the last financial year the plant had run for only 30 days. Since the end of the year, how ever, it had run for 25 days. Ore reserves now exceeded the estimate of two years ago.
As far as was known, Mr. Carroll added, no further capital expenditure on plant would be necessary.
A debit of £5,935 for the year is charged to development account, and establishment expenses have been added to by £1,252. Holders of £2,380 debentures issued during the year are being asxed to defer repayment for a period of up to six months. The interest rate is 10 per cent, to September 1, and 25 per cent, after that date.
The Co. reports that the check assay of the fifth shipment of matte of 29 V 2 tons shows; Gold 322 oz., silver 620 oz., copper 11 tons. The net value of this shipment is £3,414. The net value of the total matte produced to date now amounts to £11,369.
Yodda Goldfields Ltd.
The management of Yodda Goldfields, Ltd., Papua, reported early in December that the yield for November was 70 oz. 15 dwt.
A dividend of Id. per share, payable December 15, has been announced. Previous dividend at the same rate was made in October.
Gold Mines Of Papua Ltd.
A loss of £9,181 was sustained by Gold Mines of Papua, Ltd., for the period February 1, 1938, to June 30, 1938.
Recoveries were valued at £4,853, but costs were £13,199, or 41/3 per ton of ore treated.
During the period production was retarded by shortage of native labour and metallurgical diffi culties, which have since been overcome. Since the close of the accounts all sections of the treatment plant have worked efficiently, with a negligible loss of gold in the residues. Full capacity of the plant at 3,000 tons monthly has not yet been reached. Costs have now been re duced to about 22/- per ton, and it is anticipated that there will be further reduction when full production is reached. Assay value of the ore is considerably in excess of recoveries, so it is im possible to establish actual values. Reserves, however, are considerable, and higher values are expected at the lower levels. At June 30 liquid assets were £11,235. Creditors stood at £29,597.
Comparative monthly returns from Gold Mines of Papua, Ltd., Misima Island, show:—
Cuthbert’S Misima Goldmine Ltd.
Figures for the monthly clean-up on November 23 from Cuthbert’s Mislma mine compare with the previous two months as follows:
Sept. Oct. Nov.
Tons 2,750 2,540 2378 Pine gold, oz 39C 334 316 Silver, oz 1,749 1,220 997 Value, £ 3,620 3,050 2,925 Residues, grs. ... 7 6 6
Sept. Oct. Nov.
Mill treated, tons .. 2,905 2,895 2,900 Bullion produced, oz. .. 2,922 2,575 2,609 Gold, fine oz 835 782 799 Silver, fine oz 1,986 1,723 1,738 Value (£A8 p. oz.) .. £6,797 £6,345 £6,493