Mining News

From New Guinea

Bulolo Gold Dredging, Ltd.

P\IRECTORS of Bulolo Gold Dredging, Ltd., report that June production from the Co.’s dredges in New Guinea compares with the pre vious two months are as follows:

new guinea goldfields, ltd.

The directors of New Guinea Goldfields, Ltd., finding themselves in possession of £167,712, accumulated as the result of reserves made to cover ore depletion in the mines, have decided to return some of the capital to shareholders.

As a result, it has been decided that 9d. per share on 7,583,004 shares will be returned to shareholders, thus absorbing the £167,712 and bringing the value of the issued shares from 5/- to 4/3 each.

Since the Co., some four years ago, wrote down its capital by 75 per cent, to £1,611,388, it has been more or less a good investment for those who bought in at the current market price. The 5/- shares have fluctuated on the market between 1/6 and 2/6; thus, as the Co has regularly paid a dividend of 5 per cent, it has actually been paying about 10 per cent to new shareholders.

The latest report issued by the Mining Trust Ltd., consulting engineers to N.G.G.. Ltd. com pares production and profit of June with April and May:—

The Mining Trust, Ltd., a large London con cern, which has big holdings in New Guinea Goldfields, Ltd., reports a surplus of income over expenditure of £74,714 for 1939 after providing £27,792 for income tax.

Sandy Creek Gold Sluicing, Ltd.

July production at the Sandy Creek area in.

New Guinea is compared with the three pre vious months in the following table:—

Sunshine Gold Development, Ltd.

Sunshine Gold Development, Ltd., reports that the clean-up for July yielded 990 oz. of gold, compared with 607 oz. in June. Preparations to open out a new paddock are being made, and it is anticipated that gold returns during these operations will be below average. A dividend of 6d. a share, payable on August 27, has been, declared; books close August 19.

From Papua

Papuan Apinaipi Petroleum Co., Ltd.

j N mid-July the directors of Papuan Apinaipi ' Petroleum Co., Ltd., reported that the No 1 major bore at Oiapu had been reamed to 2,491 ft. Drilling operations were temporarily suspended pending repairs and a general over haul of plant.

It was further announced, early in August,, that the bore will be deepened considerably with a view to obtaining all the information possible to assist in the selection of a site for a second test well.

Minor difficulties recently encountered at the

April.

May. *June.

Cubic yards . . . . 1,487,000 1,567,000 1,432,000 Bullion, oz 24,083 25,516 23,178 Gold, fine, oz. .. 16,617 17.606 15,994 Estimated working profit for June of fine gold. 6,713 oz. *Two dredges operated only because of reconditioning. part of the month

Edie Creek mill— April May *June Ore, tons 3,089 3,350 2,942 Gold, oz., fine . . . . 773 820 883 Silver, oz., fine . . . . 3,796 4,405 4,219 Golden Ridges mill— Tons treated . . . . 2,666 2,764 2,295 Gold, oz., fine . . . . 1,403 1,119 871 Silver, oz., fine . . 1,489 1,224 1,060 Alluvial— Gold, oz., fine .. .. 1,586 1,467 1,562 Silver, oz., fine . . 1,113 1,047 1,071 Operating profit— Edie Creek, £ .. 261 703 1.901 Golden Ridges, £ . 4,788 2,273 1,105 Alluvial, £ ... 5.733 6,302 6,204 Koranga alluvials, estimated operating profit lor quarter ended June 30, £2.852.

"“Production at both mines affected bv internment ox some of the miners.

Production at Edie Creek, Golden Ridges, and Alluvial was reduced by power shortage, due to causes outside the Co.’s control.

April May June July Cubic yards .. 17,313 16.764 15,433 16 052 Gold, oz 572 360 218 316 Per cub. yd. . 5/3 Va 3/5y 4 2/3 3/1% Working cost . l/2y 2 /11% — /1134

well were investigated by two members of the board, Messrs. Marks and Haynes, and by Dr.

H. G. Raggatt. assistant geological adviser to the Commonwealth Government, and Mr. L. L.

McKillop, acting drilling consultant to the De partment of the Interior. After a discussion between the directors and officers of the De partment of the Interior, the Commonwealth Geological Adviser (Dr. Woolnough) made it clear that steps which have been decided upon will immediately eliminate all existing trouble.

Cuthbeirt’S Mls Ima Goldmine, Ltd.

July production at the mine on Misima Island, Eastern Papua, is compared with May and June in the following table: —

Caltex (Australia) Oil Development.

Caltex (Australia) Oil Development Pty., Ltd., incorporated in Sydney, was registered in Papua, in July as a foreign company, under the Papuan Companies Ordinance. The Co. has a nominal capital of £500,000 in shares of £1 each. Mr. R. D. Bertie, of Port Moresby, is the Public Officer in the Territory.

Yodda Goldfields. Ltd.

Yodda Goldfields, Ltd., reports a net profit of £2,064 for the year ended April 30, compared with £2,118 for the previous year and a loss of £405 two years earlier. With £1,400 brought forward, £3,464 was available. Two dividends each of 3d. per share paid during the year absorbed £2,187, leaving £1,276 to be carried forward A further dividend of 3d. a share was paid last month.

Gold production improved on that of previous years, 961 oz. 15y 2 dwt. being obtained from 50,330 cubic yards. This represents an average of 3/2 a yard. General expenses and labour costs increased considerably. A dredging claim of 54 acres was granted during the year, which is expected to be a valuable acquisition.

From Fiji

Emperor Mines, Ltd.

RESULTS from the Emperor mine, at Tavua, for the past four months have been:—

In the 52 weeks ended July 10, 162,427 tons of ore were treated for a recovery of 53,366 oz. of fine gold, compared with a crushing of 178,164 tons for 52,381 fine oz. in the previous year.

Loloma (Fiji) Gold Mines, N.L.

Loloma (Fiji) Gold Mines, N.L., has declared a dividend of 1/- a share, payable on September 9. The previous distribution, in June, was 2/a share.

Loloma’s August production compares with May, June and July as follows:

Directors of Loloma (Fiji) Gold Mines, N.L., and Emperor Mines, Ltd., in a joint statement on August 7, said that a vigorous programme of development on the Tavua goldfield had been approved. This will call for considerable capital expenditure, which might temporarily affect dividends.

A new main shaft will be sunk in the Em peror mine to 650 ft., and later to 1,000 ft.

This will be equipped for large-scale and under ground production, which will be necessary when open-cut operations are completed. Addi tional treatment plant will be installed at Loloma to maintain throughput of the harder sulphide and semi-sulphide ore.

Extensions to the present plant are neces sary, for which generating sets and a com pressor set have been ordered from England.

Difficulty in obtaining supplies from overseas has prompted the directors to accumulate addi tional stores, including fuel oil, timber, and spare parts.

The result of prospecting and development to date, state the directors, justified the board’s optimism in providing the necessary equipment for a long and profitable existence on the Tavua field.

Mount Kasi Mines, Ltd.

Production at the Mt. Kasi mine on Vanua Levu for the four weeks ended August 7 is compared with the four previous yields in the following table;—-

May June ‘July Mill treated, tons 3,252 3,102 3,064 Bullion, oz 3.326 3,250 3.348 Gold, fine oz 794 701 717 Silver, fine, oz. .. 2,445 2,479 2,551 Estimated value £6,500 £5,765 £5,837 Value per ton of ore 40/ 37/2 38/3 ‘Tonnage affected by overhaul of big engine.

April May June tJuly 17. 15. 12. 10.

Ore treated tons . 11.971 12.500 11,792 11,184 Head value, dwt. . . 6.76 6.72 6.7 7.8 Gold. oz„ fine ... 3,663 3,696 3.704 *4,000 Residues, dwt 0.59 0.65 0.85 1.0 ♦Including 484 oz. from partial treatment of concentrates. tJig concentrates stacked for further treatment estimated to contain 70 oz. fine gold; 66.3 tons flotation concentrates stacked estimated to contain 331 oz. fine.

Pour weeks ended May June July Aug. 15. 12. 10. 7.

Tons treated 2,506 2,540 2,659 2,493 Gold, oz.. fine . . 3,659‘ 3,416 3,523 3,428 Head value, dwt. . 30.35 28.1 27.49 27.5 Residue, dwt 1.15 1.2 0.99 1.33

Four ■ weeks ended Apl.

May June July Aug. 17. 15. 12. 10. 7.

Ore, tons .. . . 3,209 3,198 3,118 3,400 3,348 Gold, fine oz. 656 633 599 706 655 Value, £ A . . . 6.560 6,330 5,990 7,060 6,550