Islands Mining

News

From Fiji

Emperor Mines, Ltd.

DIRECTORS of Emperor Mines, Ltd., have declared a sixth dividend amounting to 6d, a share, payable February 29. Books closed on February 9. Since the Co. announced its initial dividend of 1/- a share in November, 1938, subsequent payments of 6d. a share have brought the total paid to 3/6 for each 10/- share—divi dends totalling £332,500 (paid capital being £950,0001.

Production for the past four periods is shown in the following table; —

Loloma (Fiji) Gold Mines, N.L.

Directors of Loloma (Fiji) Gold Mines, N.L., have declared a dividend of 1/- a share, plus a bonus of 6d. a share (unchanged) payable on March 8. Books close on February 19. This dividend is the eighth paid by the Co. since it commenced operations at Tavua, Vitl Levu, in September, 1937, and brings total payments to £371,250. The two companies, Loloma and Em peror, have now paid a total of £703,750 in dividends.

Speaking at the annual meeting recently, the managing director (Mr. E. G. Theodore), said that the companies were giving substantial aid and co-operation to the British Empire In pro ducing gold at a time when gold was so essen tial in the struggle in which Britain is en gaged.

The gold each year from Emperor and Loloma provided about 4,000,000 dollars of credit to en able Britain to make purchases in U.S.A.

The geological structure of these two mines, according to expert report, is unlike any mine in Australia, but approximates closely to the same class of rock found in the Cresson Mine, Cripple Creek, Colorado. U.S.A., where the same class of country rock, basalts and andesites ob tain, and there is a similarity of lode struc tures.

Loloma shares reached a new high for more than a year on Australian Stock Exchanges early in February as a result of the increased price of gold and the receipt of the following report from the mine manager:—“Resumed driving No. 3 level. North drive from 120 ft. to 144 ft. 23.7 dwt. a ton over 32 inches. From 144 ft. to 161 ft., 28 dwt. a ton over 64 inches. Lode strong and regular. South drive, from 139 ft. to 174 ft., 5.9 dwt, a ton over 18 inches, lode formation this heading appears to be widening, expect values increase going south”. On Janu ary 15 Loloma shares were quoted in Sydney at 33/1 Vs, and on February 8 at 36/ —a rise of 2/10 V 2.

Loloma production for the past four months compares as follows:

From Papua

Mandated Allutials, N.L.

THE directors of Mandated Alluvials, N.L., in their report just issued for the year ended July 31, 1939, state that the smelter plant ran for 112 days, and produced 376 tons of copper gold matte containing 3,544 oz. fine gold, 8,212 oz. silver, and 131.5 tons copper. The total value was £37,606 from 6,216 tons of oxidised ore, and 3,396 tons of sulphide ore.

Considerable development work is in progress, the report states. The Laloki property contains more than 400,000 tons of sulphide ore. In creased plant will be required. Interim dividend of 3d. a share was paid on September 26, and £1,325 was written off mine development ac count in respect of certain abandoned options.

A progress report from the Co. late in January said that assays of No. 19 shipment of matte, 44 tons, showed the contents to be 267 oz. of fine gold, 661 oz. of silver, and 14 tons of copper. The net value exceeded £3,250. A further shipment, No. 20, of 46 tons had been received, and preliminary assays indicated a net value of approximately £3,500. Substantial quantities of sulphide ore from the Laloki mine were being obtained, and treatment in larger proportions was giving satisfactory results.

Cuthbert’S Misima Gold Mine, Ltd.

Figures for the January clean-up from Cuth bert’s mine on Misima Island, Eastern Papua, compare with the two previous yields as follows:

Oil Search, Ltd.

Following a statement by the Prime Minister (Mr. Menzies) on January 18 that the Com monwealth Government had decided to dis continue advances under the Petroleum Oil Search Acts, the directors of Oil Search, Ltd., announced that the Government’s decision will not affect the Co.’s present activities in Papua and New Guinea —it has never been subsidised.

Papuan Apinaipi Petroleum Co.. Ltd.

Mr. E. A. Kodyen, the Commonwealth Drilling Inspector, returned to Australia from a visit to

the Co.’s area in Papua in January, after advls mg regarding the layout of the major drilling plant. The erection of the plant is proceeding satisfactorily, and it is hoped to commence deep drilling operations in the near future.

(Continued overleaf)

Four weeks ended Nov.

Nov.

Dec. *Jan. 1. 29. 27 24.

Ore treated, tons . 13.386 12,400 10,563 13,132 Head value, dwt. .. 7.2 7.1 7.25 6.37 Gold, oz.. fine . .. 4,312 3,963 3,433 4,049 Residues, dwt 0.70 0.70 0.70 0.50 ♦In addition, recovered 33 oz. fine gold from concentrates. Total production, 4,082 oz.

It is reported that the extension of plant for treating semi-oxidised and sulphide ore is progressing satisfactorily, and that several tanks have already been installed. Portion of the flotation equipment has arrived on the field and the balance has been i shipped from

U.S.A.

Nov.

Dec. ♦Jan.

Mill treated, tons .. .. 3,260 3,300 2,928 Bullion, oz 2,914 3,265 3,285 Gold, fine oz 824 832 751 Silver, fine oz 2,030 2,370 2,457 Estimated value £6,710 £6,775 £6,145 Value per ton of ore .. 41/2 41/1 41/11 ♦Plant shut down four days at Christmas.

Pour weeks ended Nov.

Nov. *Dec. •Jan. 1. 29. 27. 24.

Tons treated .. 2,532 2,520 2,220 2,522 Gold, oz.. fine . . 3,330 3,780 3,357 3,821 Residue, dwt. .. . 1.2 1.5 1.36 1.43 •Head value, 31.73 dwt.

Retreatment of residues temporarily suspended.

The Co. has entered into an agreement with the Commonwealth Government for advances to be paid to the Company under the Petroleum Search Acts of 1936, part of which has already been received, further amounts being payable from time to time as the work proceeds.

A further report from the directors in mid- February stated that the boilers for use with the major drilling plant hired to the company by the Commonwealth Government, have been placed in position. The foundations of the derrick have been completed, and the erection of the 136 ft. derrick commenced.

From New Guinea

Bulolo Gold Dredging, Ltd.

pyECEMBER production figures of Bulolo Gold Dredging, Ltd., New Guinea, are compared with the two previous months in the following table:—

Sunshine Gold Development, Ltd.

Sunshine Gold Development, Ltd., reported in February that the clean-up for January yielded

362 ounces of gold. This compares with 364 ounces in December and 201 ounces in November.

Sandy Creek Gold Sluicing, Ltd.

The directors of Sandy Creek Gold Sluicing, Ltd., declared a dividend of 2d. per share on February 8 January production figures are compared with the three previous months in the following table:—

New Guinea Goldfields, Ltd.

A progress report issued on January 22 by the Mining Trust, Ltd., consulting engineers to New Guinea Goldfields, Limited, compared the production and profit for October, November and December as follows:

Oct. Nov. *Dec.

Cubic yards . . 1.646.000 1.619,000 1.543.000 Bullion, oz 23,215 24.684 19-.996 Gold, fine, oz. . . 16,018 17,032 13,797 Estimated working profit for December, 8,148 ounces of fine gold. *No. 3 dredge was closed throughout December for alterations to the gold-saving equipment.

Oct.

Nov.

Dec.

Jan.

Cubic yards . . . . 24,238 18,920 14,267 21,214 Gold, oz. . 255 243 240 203 Per cubic yard . 1/7 1/11 2/6% 1/6 Vs Working cost .. . /II 1/ 1/1 %

Edie Creek mill— Oct.

Nov.

Dec.

Ore. tons 3,009 2,703 2,981 Gold, oz., fine . , . . 891 748 789 Silver, oz., fine . . . , 7,321 6,108 5,369 Alluvial— Gold, oz., fine . . . . 1,734 1,763 1,341 Silver, oz., fine .. . . 1,224 1,216 950 Golden Ridges mill— Tons treated .. . . 2,336 2,500 2,268 Gold, oz., fine . . .. 971 1,186 1,108 Silver, oz., fine .. 1,070 1,363 1,235 Operating profit— Edie Creek, £ . . 1,226 *144 132 Alluvial, £ 5,788 5,236 4.191 Golden Ridges, £ 1,644 3.440 3,123 *Loss.

For the quarter ended December 31 the estimated operating profit : from Koranga Alluvials was £3.432. The work done was mainly the removal of over-burden.