Mining News

From Papua

Oil Search Ltd.

DIRECTORS of Oil Search Ltd. have decided to make a new issue of 80,000 ordinary shares of 5/- each. The company, through its subsidiary, Nominated Holdings Pty. Ltd., has a fifth interest in Australasian Petroleum Co.

Pty., Ltd., which is increasing its subscribed capital from £1.000,000 to £1,080,000 by the issue of 80.000 shares of £1 each at par.

Yodda Goldfields Ltd.

Yodda Goldfields Ltd. reports a net profit of £2,078 for the year ended April 30. compared with £2,064 for 1939-40. A dividend of 3d. a share, requiring £ 1,094, was paid during the year, leaving £2,261 to be carried forward, against £ 1,277 brought forward. A further dividend of 3d. a share was paid last June. Gold produced was 884 oz., returning a net income of £6,697, against 961 oz., worth £7,950, for the previous year. The average value a cubic yard was 2/11, against 3/2.

Cuthbert’S Misima Gold Mine Ltd.

The latest return from Cuthbert’s Misima Gold Mine Ltd. compares the figures for October with the two previous months as follows;

From New Guinea

New Guinea Goldfields Ltd.

SEPTEMBER production from NGG Ltd.’s workings is compared with the previous two months in the following table:—

Estimated operating profit at Koranga Allu vials for the quarter ended September 30 was £7,830.

Upper Watut And Irowat Gold

Alluvials, Nl

Upper Watut Gold Alluvials, NL (capital £200,0001 and Irowat Gold Alluvials, NL (capi tal £100,000) will be struck off the register of mining companies in New Guinea in December unless cause is shown to the contrary, accord ing to a recent notice in the official NG Gaz ette. Both formed in 1935, with the same direc tors (Messrs. D. J. McClelland. F. T. Leahy, and C. Mackay), these two companies acquired dredging claims on the Watut River from Mt.

Lawson Prospecting and Options Syndicate, NL.

Plant and equipment was sent to New Guinea and operations commenced in 1936. However, after only a little more than a year’s work, during which time the management of both companies were frequently under severe fire of criticism from Australian shareholders, they went into liquidation.

Sandy Creek Gold Sluicing Ltd.

Production from the Sandy Creek Co.’s areas for October is compared with the two previous months in the following table:

Sunshine Gold Development Ltd.

The field manager of Sunshine Gold Devel opment Ltd. reports that October clean-up yielded 357 oz. gold. This compares with 355 oz. in September, 411 oz. in August, and 329 oz. in July.

Aug.

Sept.

Oct.

Mill, tons treated . . 3,528 3,402 3,587 Gold, fine oz 883 855 894 Silver, fine oz 2,804 3,437 3,383 Estimated value £7,145 £6,966 £7,268 Value per ton of ore . . 40 6 40/11 40/6

July. Aug. Sept.

Golden Ridges mill— Tons treated . . . . 2,281 2,071 2,529 Gold. oz.. fine ... 771 705 761 Silver, oz., fine . . . . 1,242 858 970 Alluvial- Gold. oz.. fine . . . . 1.686 2.231 1,653 Silver, oz., fine .. .. 1,216 1,526 1,106 Operating profit— Edie Creek, £ ., .. *1,484 *1,003 *328 Golden Ridges, £ .. 996 929 130 Alluvial, £ 7,541 10,387 5,973 ♦Loss.

Aug.

Sept.

Oct.

Treated, cub. yds 23,419 38,376 37,832 Gold, oz 402 600 593 Average value, per cub. yd. 2/8'/a 2/6 2 6 Average working cost, per cub. yd 8%d 1/1% 8%d