Mining News

From Fiji

Emperor Mines, Ltd.

MARCH production at the Emperor mine, Tavua, is compared with December, Janu ary and February in the following table: —

Loloma (Fiji) Gold Mines, Nl

Loloma production for March is compared with the three previous periods as follows: —

Mount Kasi Mines, Ltd.

Mount Kasi production over the past four months is compared in the following table; —

From New Guinea

Bulolo Gold Dredging, Ltd.

F'EBRUARY production from the BGD, Ltd., dredges is compared with December and January as follows; —■

Sunshine Gold Development, Ltd.

Sunshine Gold Development, Ltd., reports that heavy rain early in March caused a serious break in the main Baiune water race. Sluicing operations were suspended, and there was no clean-up for March. Repairs to the race have now been effected, and sluicing has been re

sumed. Opportunity was taken to clean and trim the whole length of the race. The new pipe line for the Reidy Creek alternative water race has been shipped.

The clean-up for February yielded 158 oz. of gold, compared with 180 oz. for January.

New Guinea Goldfields, Ltd.

February production from NGG, Ltd., work ings compares with December and January as follows:

Oil Search, Ltd.

Oil Search, Ltd., announces that in the period from September, 1940. to January 31, 110,800 new shares of 5 - each were allotted at par to shareholders and the public, other than option holders. The terms were 3d. a share on application, 3d. on allotment, and the balance in six calls of 9d. a share a month. By the middle of February 20,800 of the shares were fully paid. During February, 5,800 new shares of 5/- each were allotted.

Sandy Creek Gold Sluicing, Ltd.

The field manager of Sandy Creek Gold Sluic ing, Ltd., reports that March production com pares with December, January and February as follows:

From Papua

Cuthbert’S Misima Gold Mine, Ltd.

NET profit of Cuthberfs Mislma Gold Mine, Ltd., Papua, for 1940, is £37,170, compared with £41,675 for 1939.

Dividend at an unchanged rate of 2/- per share (20 per cent.) requires £31,214, including dividend from May 23. 1940, on 20,000 shares issued under the promoter’s agreement. Capital was increased by the issue from £150,000 to £160,000. A reserve for contingencies has been created by a transfer of £13,000, of which

Period ended Dec. Jan. *Feb. *Mar. 23. 25. 19. 19.

Ore treated, tons . 14,155 f13,381 12,213 J10,939 Gold, oz., fine 4.823 4,764 **4,107 **4,004 Head value, dwt. . 5.86 7.80 9.4 6.3 Residues, dwt. 0.4 0.54 1.19 0.97 * Apparent discrepancy between yield and head values due to gold still in circuit. t Including 3,801 tons of sulphide ore. t Mixed oxidised, , semi-oxidised, and sulphide ore. ** Including gold from concentrates.

Period ended Dec. Jan. Feb. Mar. 23. 25. 19. 19.

Tons treated . . . . 2,423 2,578 2,590 2,600 Gold, fine, oz. . . 3.210 3,436 3,374 3,250 Head value, dwt. . 27.64 27.78 26.9’2 25.85 Residue, dwt 1.14 1.12 0.87 1.19

Four weeks ended *Jan.

Jan.

Feb.

Mar. 1. 29. 26. 26.

Ore, tons 3,972 3.125 2,753 3.250 Gold, fine oz. 706 649 638 727 Value. £ A 7,060 6,490 6.380 7,270

Dec.

Jan.

Feb.

Cubic yards .. 1,698,000 1,654,000 1,540,000 Bullion, oz 18,240 17,926 15,738 Gold, fine oz 12,586 12,370 10,589 Estimated working profit for February, 6,623 oz. fine gold.

Edie Creek mill— Dec.

Jan. tPeb.

Ore, tons . . .. 2.617 2,881 2,606 Gold, oz. fine 622 902 665 Silver, oz. fine 5.893 4,282 5,827 Golden Ridges mill— Tons treated . . 2,535 2,562 2,320 Gold, oz., fine 801 673 997 Silver, oz. fine 925 800 1.146 Alluvial— Gold, oz., fine 1,483 1,465 1,176 Silver, oz., fine 1,035 1,016 837 Operating profit— Edie Creek £ 395 £2,201 £446 Golden Ridges £562 4 £504 £1,817 Alluvial £5,997 £5,635 £3,928 * Loss. t Underground and alluvial production affected by power interruption.

Dec. Jan. Feb. Mar.

Cubic yards . . . . 16.3.73 19,450 9,997 16,946 Gold, oz 216 168 100 174 Per cubic yard . 2 1 J 4 l/5Va l/7y 2 l/7 3 4 Working cost .. .. 1/2 /9 1/3 V 4

£ 10,000 is invested in Commonwealth bonds.

The carry forward is £16,150, against £23,194 brought forward. Net profit is shown after writing off £492 from old plant, and £l,lOO from preliminary expenses and paying a staff bonus of £1,561.

The increase of 1/9.9 a ton in costs was caused mainly by the higher cost of stores, foodstuffs, and freights.

Ore reserves in the southern area only are estimated at 200,473 tons of positive ore, an increase of about 6,000 tons on the year, and 103,768 tons of probable ore, an increase of about 10,000 tons. Ore in the northern section has not been estimated.

Current assets at December 31 were £38,443, against £32,599 in 1939. Current liabilities were £9.554, against £7,601.

March production, is compared with January and February in the following table:—

Papuan Apinaipi Petroleum Co., Ltd.

The field manager of Papuan Apinaipi Petro leum Co., Ltd., cabled the following message to Sydney on April 7: “Encountered considerable quantity of gas at 250 feet. Drilling penetrat ing more sand. Promising increase in quantity.

All 15-inch casing from Popo now at site of deep hole.”

Australasian Petroleum Co., Pty., Ltd.

Australasian Petroleum Co., Pty., Ltd., reports that drilling on the Kariava No. 1 well is pro ceeding. Up to April 5 a 23-inch hole had been drilled to 899 ft., at which depth 18 s s-inch cas ing was run and cemented.

Mr. J. S. White, who arrived in Aus tralia from Fiji last year to join the AIF, is now NX65185 in an anti-tank com pany, undergoing training at a NSW Army camp. Mr. White was well known in Fiji where he was connected with Morris Hedstrom Ltd. for eight years— he was manager of the Nadi branch before leaving the Colony. On his trip to Australia, Mr. White was accompanied by Messrs. Keith Hedstrom (son of Sir Maynard Hedstrom) and Mr. H. B. Boss ley (in charge of the mechanical equip ment at Emperor mine, Tavua goldfield).

Both also enlisted for service overseas— Mr. Hedstrom as a gunner in an anti tank regiment and Mr. Bossley as a fit ter-armourer in the RAAF. After some time in camp, Mr. Hedstrom was found to be medically unfit and was discharged: shortly before his return to Suva in March, he became engaged. Mr. Bossley is at present in a NSW Air Force train ing school.

Year ended December 31, l£tf8. 1939. 1940. £ £ £ Net profit .. 42,101 41,675 37,170 Div., per share . . 2/- 2/- 2 - Div., amount .. .. 30,000 30,000 32,214 Special res 3,000 3,000 — Contingencies . . .. — 13,000 Forward . . 14,519 23,194 16,150 Ore treated, tons .. 33,521 36,828 37.859 Working cost, ton 22/6 23/11.5 25/9.4 Production- Gold, oz 9,537 9,297 9,097 Silver, oz 20,707 25,158 29,274

Jan. Feb. Mar.

Mill, treated, tons .. 2.470 3,334 3,237 Bullion, oz 2,391 3,369 3,424 Gold, fine oz 594 795 789 Silver, fine oz 1,729 2,401 2.562 Estimated value .. .. £4,807 £6,455 £6,416 Value per ton of ore . 39/- 38/9 39/7