Mining News

From New Guinea

New Guinea Goldfields, Ltd,

IF present conditions continued directors of New Guinea Goldfiields, Ltd., would consider the payment of an interim dividend, said the chairman, Mr. Kruttschnitt, at the annual meeting of shareholders in Sydney on January 17.

Mr. Kruttschnitt said that, as a war-time precaution, it was important that the Co. should have a substantial cash surplus. The recent return of capital, to the extent of 9d. per share, had considerably reduced the amount of cash available. This reduction was the main reason for suspending the payment of dividends.

The writing-off of the old treatment mill at Golden Ridges as an item of the assets would not affect the cash position or dividend policy of the Co. Operating expenses at Edie Creek had been affected by deeper mining, the main tenance of more underground openings, and the higher costs of supplies and services since the outbreak of war.

Rising costs had been offset to some extent by economies wherever possible, and by in creasing the output per miner-shift. To illus trate the increased cost of supplies landed at Salamaua, Mr. Kruttschnitt said that insurance, including war risk, had risen by 206 per cent., rice by 79 per cent., zinc shavings by 63 per

cent., fuel oil by 47 per cent., native meats by 39 per cent., and freight costs from Sydney by 20 per cent.

Total taxes paid by the Co. during the year amounted to £62,000, equivalent to 35.3 per cent, of the profit.

The Co.’s output from all sources in the year amounted to 48,948 oz. of fine gold 90,764 oz. of silver. This exceeded the preceding year’s production by 10,478 oz. of gold and 11,601 oz. of silver.

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

The estimated operating profit of Koranga Alluvials for the quarter ended December 31 was £6,760.

The low mine profits for December were due to adverse weather, which affected filling opera tions at Edie Creek, and to the mining of low grade ore at Golden Ridges.

Bulolo Gold Dredging, Ltd.

The directors of Bulolo Gold Dredging, Ltd., report that December production from the Co.’s dredges compares with October and November as follows:

Estimated working profit for December, 6,942 oz. of fine gold.

Sunshine Gold Development, Ltd.

Sunshine Gold Development, Ltd., reports that the clean-up for January yielded 180 oz. of gold, compared with 170 oz. for December, 56.3 oz. for November (when little sluicing was done owing to removal of overburden and resetting of plant in new paddock), and 688 oz. for October.

Sandy Creek Gold Sluicing, Ltd.

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

From Papua

Cuthbert’S Misima Gold Mines, Ltd.

JANUARY production at Cuthbert’s mine on Misima Island is compared with November and December in the following table: —

Papuan Apinaipi Petroleum Co., Ltd.

Papuan Apinaipi Petroleum Co., Ltd., reported early in February that the 136 ft. derrick of the major drilling plant for the No. 2 major exploratory bore had been erected, and the rigging-up almost completed. The plant for the No. 3 northern exploratory well was on the site, and assembling was proceeding.

Yodda Goldfields, Ltd.

The field manager of Yodda Goldfields, Ltd., reports that the gold yield for January was 85 oz. 18 dwt., compared with 86 oz. 3 dwt. in December.

From Fiji

Emperor Mines, Ltd.

JANUARY production at the Emperor mine at Tavua, is compared with the three previous periods as follows:

Oct.

Nov.

Dec.

Edie Creek mill — Ore, tons 2,299 3,028 2,617 Gold, oz., fine . . . . 688 926 622 Silver, oz., fine . . .. 3,537 5,878 5,893 Golden Ridges mill— Tons treated . . .. 2.418 2,576 2,635 Gold, oz., fine .. . . 977 751 801 Silver, oz., fine . . 1,396 971 925 Alluvial— Gold, oz., fine * .. 1,629 1,534 1,483 Silver, oz., fine .. .. 1,150 1,074 1,035 Operating profit— Edie Creek, £ .. *31 2,488 395 Golden Ridges, .. 1,031 *121 562 Alluvial, £ 6,022 5,589 5,997 *Loss.

Oct.

Nov.

Dec.

Cubic yards .. . . 1,765,000 1,677,000 1,698,000 Bullion, oz. 23,731 19.286 18,240 Gold, fine oz. 16,374 13,308 12,586

Oct. Nov. Dec. Jan.

Cubic yards .. .. 21,160 19,122 16,373 19,450 Gold, oz 265 346 216 168 Per cubic yard .. 2/- 2/10 3 A 2/1 Vi l/5y 2 Working cost .. .. 9*4 liy 4 1/2 —

Nov.

Dec. ♦Jan.

Mill treated, tons . . .. 3,110 3,220 2,470 Bullion, oz 3,214 2,868 2,391 Gold, fine oz. . . . . .. 760 738 594 Silver, fine oz. .. . . . . 2,338 2,040 1,729 Estimated value ., .. £6,160 £5,974 £4,807 Value per ton of ore 39/7 37/1 39/- ♦Holidays mainly responsible for low throughput.

Four weeks ended Oct. Nov. Dec. Jan. 30. 27. 23. 25.

Ore treated, tons . 11,279 13,000 14,155 *13,381

Loloma (Fiji) Gold Mines, N.L.

Loloma production for January, compares with October, November and December as follows: —

Mount Kasi Mines, Ltd,

Production at the Mount Kasi mine, Vanua Levu, for the period ended January 29, is compared with the three previous periods in the following table: —

Gold, oz., fine . . 4,029 5,062 4,823 4,764 Head value, dwt. . 7.6 6.97 5.86 7.80 Residues, dwt. . .. 0.67 0.51 0.4 0.54 ‘Including 3,801 tons of sulphide ore.

Four weeks ended Oct. Nov. Dec. Jan. 30. 27. 23. 25.

Tons treated 2,612 2,585 2,423 2,578 Gold, fine, oz. ... 3,450 3,387 3,210 3,436 Head value, dwt 27.22 27.20 27.64 27.78 Residue, dwt 0.81 1.00 1.14 1.12

Four weeks ended tNov. Dec. Jan. Jan. 6. 4. 1. 29.

Ore, tons .. .. 3,104 3,881 3,972 3,125 Gold, fine oz. . 615 733 706 816 Value, £ A .. 6,150 7,330 7,060 8,160 •fShut down four days for overhaul.