From Papua
pp. 65-67 · Read in the full issue
Mining News
From Fiji
Mount Kasi Mines, Ltd.
MOUNT KASI MINES, LTD., in May, reported a net profit of £14,130 (Fijian currency) for 1939, compared with £11,648 in 1938. and £8,046 in 1937. Profit was struck after allow ing for depreciation, £4,146, mine development, £6,342, and taxation, £1,250.
A first dividend of 3d. per share (Australian currency) absorbed £4,379. The balance, £9,751, together with £13,588 brought forward, is transferred to general reserve.
The working cost, excluding depreciation, development, and income tax, amounted to £l/2/11 per ton, compared with £l/1/9V 2 in 1938.
The estimate of total positive and probable ore reserves shows a very slight decrease com pared with the estimate given in the previous year, and the value per ton is slightly reduced.
Positive reserves are shown at 114.000 tons at 5 dwt., and probable reserves at 92,290 at 5.1 dwt.
May production at the mine on Vanua Levu is compared with February, March and April as follows:
At the annual meeting of the Co., held in Sydney on May 23, the chairman, Mr. E. J.
Coote, said that returns from the mine for the year had yielded profits which practically as sured the payment of another dividend in September. He could see no reason why half yearly disbursements should not be regularly maintained. The Co. was deriving benefit from the increase in the sterling price of gold. Since the outbreak of war, however, the price of all stores and spares had increased considerably, and this would reflect on the Co.’s cost of pro duction.
“Development work on the mine is to be carried on as vigorously as possible,” added Mr.
Coote. “The conditions at depth have yet to be determined. This deposit is most puzzling from a geological aspect, but the presence of gold in payable quantities is well established on the present lowest level of the mine, and, al though such little work as has been done below this level to date had not been encouraging, the possibilities of lower enrichments have not been eliminated.”
Loloma (Fiji) Gold Mines, N.L.
A dividend of 1/- and a bonus of 1/- a share has been declared by the directors of Loloma (Fiji) Gold Mines, N.L., payable June 8. The distribution is the highest made by the Co. to date, and absorbed £82,500. Over £453,750 has now been distributed, a total of 11/- per share.
Latest reports received indicate exceptionally good values in the Regent Lode.
Production for May is compared with the three previous months as follows:
Emperor Mines, Ltd.
A recent report from the Emperor mine at Tavua, Fiji, states that the E. Xcut, off shaft No. 12, has been taken to 10 ft., with for mation highly shattered and heavily mineralised.
“This development, in the deepest working of the mine, must be considered of major im portance”, the report stated.
Results for the four weeks ended May 15 compare with previous figures as follows:
♦Concentrates stacked for further treatment estimated to contain 30 oz. fine gold; 42 tons flotation concentrates stacked estimated to con tain 350 oz.
A seventh dividend of 6d. a share was paid on May 31, the distribution absorbing £47,500 and bringing the dividend record to £380,000.
From Papua
Papuan Apinaipi Petroleum Co., Ltd.
IN a report on the possibilities of commercial • oil production from Papuan Apinaipi Petroleum Co., Ltd.’s bore at Oiapu, Mr.
Geoffrey Barrow, geologist, stated that the thick grey series of grey mudstones now being penetrated by the drill provides a flrst-class cap-rock for any oil horizon which may lie beneath.
At the end of May the No. 1 Major bore was down to 1,763 ft. and a return of oil and gas was noted in the ditch. The hole was reamed and drilling continued until early in June it had reached a depth of 2,092 ft. The core, extracted at the bottom, showed gas under high pressure with formation changing.
Mandated Alluvials, N.L.
Mandated Alluvials, N.L., reports that assays of No. 23 and 24 shipments of copper gold
Peb.
Mar.
Apl. *May 24. 20. 17. 15.
Ore treated, tons .. 13,114 12,100 11,971 12,500 Head value, dwt . — 7.03 6.76 6.72 Gold, oz. t fine .. 3,657 3,798 3,663 3,696 Residues, dwt — 0.64 0.59 0.65
1937. 1938. 1939. £ £ £ Net profit 8,046 11,648 14,130 Dividend — — /3 Dividend, amount .. — — 4,379 Development 1,356 3.478 6,342 Depreciation 3,741 4,044 4,146 To reserve — — 23,339 Forward 1,940 13,588 Crude ore, tons . . .. 33,232 38.420 39,434 Head value, dwt, ton 5.41 5.06 4.90 Fine gold, oz 7,496 8,362 8,695
Four weeks ended Feb. 21. Mar. 20. Apl. 17. May 15.
Ore, tons .. 3,040 3,119 3,209 3,198 Gold, fine oz. 663 598 656 633 Value, £ A .. 6,630 5,980 6,560 6,330
Pour weeks ended Feb. 24. Mar. 20. Apl. 17. May 15.
Tons treated . 2.514 2,545 2,260 2,506 Gold, oz.. fine 3,821 3,880 3,008 3,659 Residue, dwt. 1.25 0.&1 2.2 1.15
matte show contents as 434 oz. fine gold, 1,272 oz. silver, and 11 tons of copper, the total value exceeding £5,000. Shipment No. 25 of an ap proximate value of £3,250 has since been re ceived. M?uch of the additional plant required for the development of the Laloki mine has been secured.
Cuthbert’S Misima Goldmine, Ltd.
Directors of Cuthbert’s Misima Goldmine, Ltd., Misima Is., Eastern Papua, have declared a halt-yearly dividend of 1/- per share payable June 24. Books closed June 13.
May production at the mine is compared with March and April in the following table:—
A report issue by the Co. on June 6 stated that total development for April was 553 ft.; 596 tons of ore was won from development, and 2,212 tons from stoping, making a total of 2,808 tons. Average assay: gold, 4 dwts. 20 grs. per ton; silver, 45 dwts. 19 grs. per ton.
From New Guinea
Bulolo Gold Dredging, Ltd.
THE directors of Bulolo Gold Dredging, Ltd., report that April production from the Co.’s dredges in New Guinea compared with the previous two months as follows:
of fine gold.
Progress on the Upper Baiune Power Scheme is proceeding satisfactorily, and the work of facing weak sections of the ditch with cement rubble was completed at the end of May.
Quarters for the race patrolman have been completed and a suspension bridge has been placed across the river near the intake. A start has been made on the construction of the overflow flume, and work on the power house, pipe line, surge tank, sand trap, etc., is pro ceeding satifactorily. Some 20 Europeans and 125 natives are employed in the scheme.
The deviation of the Crooked Creek Road, which was completed recently, is reported to be a great improvement on the old original road through the Creek. The construction of two additional married quarters at Bulolo is pro ceeding and repair work has be>en carried out at the Bulolo Power House.
The Co. now has a staff of 1,824 of whom 328 are Europeans.
Gold And Power, Ltd,
The total of employees at Gold and Power, Ltd.’s workings on the Morobe goldfield now numbers 172, made up of 7 Europeans and 165 natives. The erection of a new dwelling for Europeans is proceeding, and race maintenance has been carried on. Mr. J. W. Hinks, man aging director, returned to Wau recently, after a visit to Sydney.
New Guinea Goldfields, Ltd,
The last report issued by the Mining Trust, Ltd., consulting engineers to N.G.G., Ltd., com pares the production and profit for April with February and March:—
Guinea Gold, N.L.
In the year ended February 29, 1940, Guinea Gold, N.L. (an Adelaide company, holding a large number of shares in Bulolo Gold Dredging, Ltd.), showed a profit of £49,522, compared with £46,807 in the previous year. During the year under notice the company paid a dividend
Mar. Apr. May.
Mill treated tons .. .. 3,132 2,808 3,252 Bullion, oz 3,437 2,788 3*326 Gold, fine, oz 783 634 794 Silver, fine, oz 2,575 2.087 2,445 Estimated value .. .. £6,400 £5,198 £6!s00 Value per ton of ore .. 40/11 37/- 40/-
Feb.
March.
Apr.
Cubic yards .. 1,492,000 1,505,000 1,487,000 Bullion, oz 24,407 23,802 24,083 Gold, fine, oz* . .. 16,841 16,423 16,617 Estimated working profit 1 for April, 8,848 oz.
Feb.
Mar.
Apl.
Edie Creek mill — Ore, tons 3,067 2,870 3,089 Gold, oz., fine . . .. 726 744 773 Silver, oz., fine .. .. 3,403 3,573 3,796 Golden Ridges mill— Tons treated 3,118 2.688 2,666 Gold, oz., fine .. . . 1,623 1.380 1,403 Silver, oz., fine .. 1,833 1,586 1,489 Alluvial — Gold, oz., fine .. 1,611 1,593 1,586 Silver, oz., fine . . 1,161 1,134 1,113 Operating profit— Edie Creek, £ .. 785 212 261 Golden Ridges, £ .. 6,998 4,810 4,788 Alluvial, £ 6,645 7,317 5,733
of 1/11 per 2/- share. The total subscribed capital is £50,000; the surplus of its assets over liabilities is £354,000 and its annual profit is between £45,000 and £50,000 per annum.
At the annual meeting in Adelaide on May 31, the chairman, Mr. C. V. T. Wells, said the Co.’s net profit of £49,522 was the best for 14 years. As a result, the dividend had been im proved. The amount owing by the Co. to bankers has been reduced by £8,168, and on February 29 the Co.’s indebtedness had fallen to £16,644. Allowing for a surplus from the Bulolo Gold Dredging, Ltd., dividend, the over draft was expected to come down below £15,000.
Another dividend of 1, - a share, payable June 12, was declared in May. Transfer books closed on June 3. This dividend was paid wholly and exclusively out of the dividend received by the Co. on June 10 from Bulolo G.D., Ltd.
Sandy Creek Gold Sluicing, Ltd.
The manager of Sandy Creek Gold Sluicing, Ltd., New Guinea, reports that the last four yields compare as follows:
Sunshine Gold Development, Ltd.
Sunshine Gold Development, Ltd., reports that the clean-up for May yielded 559 oz. of gold, compared with 721 oz. in April; 485 in March; 539' oz. 16 dwt. in February; and 362 in January. A dividend of 6d. a share has been declared, payable on June 26. Books close June 19.
It is reported that influenza and malarial fever cases were prevalent recently at the Co.’s workings in Morobe.
Wewak Gold Estates, N.L.
A profit of £l9l was earned by Wewak Gold Estates, N.L., in the 12 months ended December 31. Tributers’ royalty brought in £277. and a distribution of 3d. per share was made on May 17. Future operations and prospects will be the subject of a report by the Co.’s representative in New Guinea; should it become evident that no further royalty can be expected the directors will take steps to wind up the Co.
Feb. Mar. Apl. May.
Cubic yards . . . . 17,667 20,095 17,313 16,764 Gold, oz 178 361 572 360 Per cubic yard .. 1/6 J / 2 2/10V 2 5/3 Vs 3/5 Vi Working cost .. .. /10V 2 /II l/2>/ 2 —