From Fiji

Mining News

Emperor Mines, Ltd.

THE annual meeting of Emperor Mines, Ltd., was held in Melbourne on December 23.

The chairman (Mr. W. H. Smith) said it was expected that dividends would be resumed at an early date. Normally a dividend would have been declared in November, but capital expen diture on expansion had temporarily reduced funds available for distribution. This develop ment has been successful and ore reserves are satisfactory, positive ore being sufficient to keep the mill employed for five years at present rate of production. Mining by the open cut method provides mill requirements and can be con tinued for a further three to four years to provide the major portion of mill feed.

The treatment of semi-oxidised and sulphide ore, commenced at the Emperor Mill in May, 1939', was satisfactory: and concentrate treat ment was particularly successful.

There are about 850 Fijians working on the Emperor Mine.

A profit of £206,899 Fijian (£A232,761) for the year ended June 30 was struck after pro viding £31,007 for depreciation, £52,852 for development, £4,230 for amortisation and

£19,036 for income tax. Dividends absorbed £190,000, and since the end of the year a further payment of 6d. a share absorbed £47,500.

December production is compared with the three previous periods in the following table:—

♦lncluding gold from concentrates. tAll oxidised ore from the low grade section of the open cut was treated during period.

Loloma (Fiji) Gold Mines, N.L.

Loloma (Fiji) Gold Mines, N.L., earned a net profit of £289,382 for the year ended June 30. Dividends absorbed £247,500, and two additional payments of 1/- a share have been made.

During the year, 33,342 tons were treated for 48,006 oz, of gold. Costs were slightly reduced.

Between 400 and 500 Fijians are working at the mines.

At the annual meeting in Melbourne on December 23, Mr. P. F. Cody (chairman) said that any lingering doubts as to the poten tialities of the Tavua goldfield as an important producer should now have been dissipated and shareholders can reasonably look forward to many years of successful production from the field.

December production is compared with the three previous months as follbws:—

*ln addition, 1,002 oz. was recovered from the annual clean-up of concentrates, slags, and amalgam. The total recovery was 4,212 oz.

Mount Kasi Mines, Ltd.

January production at the Mount Kasi mine, Vanua Levu, is compared with the three pre vious periods as follows: —

From New Guinea

Bulolo Gold Dredging, Ltd.

Bulolo Gold Dredging, Ltd., For The

year ended May 31, 1940, made a net profit of 4,806,408 Canadian dollars (£ A 1,373,259) compared with 3,874,085 dollars (£A1,106,881) for the previous year. Production from the Co.’s eight dredges was a record and compares with 1938 and 1939 as follows:

Grs. fine gold per yard* .. .. 5,793 5,221 4,862 *lncludes silver values converted into gold.

The new 2,800 h.p. hydro-electric plant ®n the Upper Baiune has been completed, and should ensure a constant supply of power, even in abnormally dry seasons. Approximately 4,342 tons of machinery and supplies were air-trans ported to the property from Lae, thus making 34,020 short tons carried by the Co.’s aeroplanes to May 31, 1940.

Working costs, excluding amortisation and gold tax, were 8.2 S cents per yard, or 12.59 cents, including the Government royalty and gold tax, compared with 9.84 cents and 11.72 respectively in the previous year.

November yield compares with September and October as follows: —

Estimated working profit for November, 6,538 oz. of fine gold.

Sunshine Gold Development, Ltd.

Mr. F. W. Torrington (chairman) told share holders at the annual meeting of Sunshine Gold Development, Ltd., on December 19, that a sluicing plant put into operation at the mine was producing satisfactory results. Working:

Four weeks ended Oct. Oct. Nov. tDec. 2. 30. 27. 23.

One treated, tons .. 9,899 11,279 13,000 14.155 Gold, oz., fine . . . 3,026 4,029 *5,062 *4,823 Head value, dwt. . 10.75 7.6 6.97 5.86 Residues, dwt 1.1 0.67 0.51 0.4

Four weeks ended Oct. Oct. Nov. Dec. 2. 30. 27. 23.

Tons treated .. .. 2,628 2,612 2,585 2,423 Gold, fine, oz. .. 3,419 3,450 3,387 *3,210 Head value, dwt. . 27.4 27.22 27.20 27.64 Residue, dwt 1.38 0.81 1.00 1.14

• Four weeks ended ♦Oct. fNov.

Dec.

Jan. 6. 4. 1.

Ore, tons .. . 4,040 3,104 3,881 3,972 Gold, fine oz. . 853 615 733 706 Value, £A .. . 8,530 6,150 7,330 7,069 ♦Five weeks. tShut down four days for overhaul.

Year ended May 31, 1938. 1939. 1940.

Bullion, oz. . . 194,956 228,602 268,108 Gold, fine oz. . 134,715 158,970 185,016 Silver, oz. .. . 58,891 67,939 81,567 Cubic yards . . . 11,222,000 14,688,000 18,353,000

Sept.

Oct.

Nov.

Cubic yards .. . . 1,790,000 1,765,000 1,677,000 Bullion, oz. .. . 22,574 23,731 19,286 Gold, fine oz. . 15,575 16,374 13,308

expenses had been reduced, tailings more easily disposed of, and a good average yield of gold had been maintained. Although little or no gold was won when the overburden was being removed, sluicing of the payable wash more than made up for the deficiency during the barren weeks.

The Co. was faced with a serious labour prob lem because of the difficulty in obtaining ex perienced Europeans, he continued. Most of the ••killed operatives had been drawn from New Zealand, but this source was now closed. Steps were being taken to engage suitable men.

Election of directors resulted: Messrs. A. E.

Bennett, W. P. Campbell, and T. W. Heath (chairman).

The clean-up for December yielded 170 oz. of gold, compared with 56.3 oz. for November, when little sluicing was done owing to removal of overburden and resetting of plant in new pad dock, and 688 oz. for October.

New Guinea Goldfields, Ltd.

New Guinea Goldfields, Ltd., for the year ended September 30, made a net profit of £113,511, compared with £67,230 for the pre vious year. No dividend was recommended, but it is proposed to return to shareholders 9d. per share of capital, which will absorb £167.712.

Assured and probable ore reserves for the Upper Ridges mine on October 1, 1940, were 75,491 tons, with the possibility of a further 15,000 tons!

Reserves for the Edie and Karuka lodes were set down at 48,114 tons, with possibility of further 31,556 tons. Alluvial reserves are esti mated at 877.000 cubic yards, mostly on the Bulolo River and at Edie Creek. Koranga re serves are approximately 7,008,000 cubic yards, with indications of considerable yardage in ex cess of this figure.

The latest report issued by the Mining Trust, Ltd., consulting engineers for N.G.G., Ltd., compares November production with September and October as follows:

•Loss. The loss on Golden Ridges for Novem ber resulted from the mining of a lower grade of ore.

Enterprise Of New Guinea Gold And

Petroleum Development, N.L.

Enterprise of New Guinea Gold and Petroleum Development, Ltd., in the year ended August 31,

incurred a loss of £5,609. Loss on working account, after allowing for £76 bullion recovered, was £4,551. Surplus current assets were shown at £6,000.

Production of gold and silver during the year was obtained from the Surprise Creek alluvial mine, which produced 80.48 oz. of fine gold and 9.72 oz. of fine silver, which returned a net value of £720. The Surprise Creek mine ceased operations during the year owing to the poverty of the ground and to the high cost of blasting and removing the numerous large boulders met with in the wash.

Sandy Creek Gold Sluicing, Ltd.

December production at Sandy Creek is com pared with November, October and September as follows: —

From Papua

Mandated Alluvials, N.L.

r ''HE anticipated income of Mandated Alluvials, A N.L., was reduced by £20,000 during the past year, said the chairman, Mr. S. H. Carroll, at the annual meeting on December 20. Both the Morseby King and Sapphire mine deposits of oxidised ore became exhausted so far as all the present workings and tests could disclose.

The quantity of oxidised ore obtained from both these mines was less by about 5,000 tons.

The present estimate of three and a half years’ full return from Lalokl mine must not be taken as anywhere near the life of the mine.

A large body of ore was still to be explored, and from preliminary tests seemed likely to keen the plant in full production for at least a similar period.

Good progress was being made with plant extensions and development work. Financial negotiations in progress were likely to be successful.

Oil Search, Ltd.

Drilling by Australasian Petroleum Co. is ex pected to commence towards the end of January, said Mr. W. A. Freeman at the annual meeting of Oil Search, Ltd., in Sydney, on December 18. It will be the first time in the history of Papua that an oil well has been put down on a structure that has been subjected to intense geophysical survey following a detailed geological examination.

Cuthbert’S Misima Gold Mines, Ltd.

December production at the Cuthbert mine on Misima Island is compared with November and October in the following table;—

Yodda Goldfields, Ltd.

The field manager of Yodda Goldfields, Ltd., reports that the gold yield tor December was 'B6 oz. 3 dwt.

Gold Mines Of Papua, Ltd.

The annual report and balance sheet of Gold Mines of Papua, Ltd., states that there has been written off the assets which have lost their value £112,856, and this, with the debit brought forward, and expenses, has made the debit bal ance £134,061, against a capital of £135,000.

Papuan Apinaipi Petroleum Co., Ltd.

The directors of Papuan Apinaipi Petroleum Co., Ltd., reported on January 7 that the boilers are in position at the new major location. The concrete foundations for the derrick have been completed and the re-erection of the plant is well up to schedule.

M. Bayardelle, Secretary-General of

New Caledonia, has been appointed to

a high position in French Equatorial

Africa. It is expected that M. Bour geau, formerly head of the Department of Economic Affairs, will succeed him.

Sept.

Oct.

Nov.

Edie Creek mill— Ore, tons 2,704 2,299 3,028 Gold, oz. ( fine .. 845 688 926 Silver, oz.. fine . . .

Golden Ridges mill— 4,040 3.537 5,878 Tons treated .. 2.420 2.418 2,576 Gold, oz., fine .. 1,052 977 751 Silver, oz., fine . . . 1,429 1.396 971 Alluvial— Gold, oz., fine . .. 1,528 1,629 1.534 Silver, oz.. fine . .. 1,155 1.150 1.074 Operating profit— Edie Creek. £ .. 1.537 •31 2.488 Golden Ridges, £ .. 2.021 1,031 *121 Alluvial, £ 6,885 6.022 5,589

Sept. Oct. Nov. Dec.

Cubic yards .. .. 14,110 21,160 19,122 16,373 Gold, oz 243 265 346 216 Per cubic yard .. 2/9 2/- 2/10% 2/1 V 4 Working cost .. .. 1/2V 2 /9% /liy 4 —

Oct. Nov. Dec.

Mill treated, tons .. . 3.340 3.110 3 220 Bullion, oz 3.455 3.214 2 868 Gold, fine, oz 802 760 738 Silver, fine, oz 2.568 2.338 2 040 Estimated value .. .. £6.508 £6.160 £5,974 Value per ton of ore . 39/- 39/7 37/1