Mining News

From Fiji

Emperor Gold Mining Co., Ltd.

E EMPEROR Gold Mining Co., Ltd., at Tavua, J Fiji, showed profit of £A219,273 for the year ended June 30, against £A232,761 for 1939- 40. Gross profit (in Fijian currency) was £306,482, a decrease of £7,542. Depreciation charge was £F38,904, mine development £F51,470, and taxation £F16,200.

Loloma (Fiji) Gold Mines, Nl

Profit of Loloma (Fiji) Gold Mines, NL, for the year ended July 31 was down by £A51,508 to £ A 237.874. Operating profit was £A343,320, depreciation £19,431, mine development £46,839, income tax £22,228, donation to Fiji Bomber Fund £11,250, and prospecting £1,911.

From New Guinea

Sunshine Gold Development, Ltd.

OPERATIONS of Sunshine Gold Development, Ltd., for the year ended September 30 re sulted in a net profit of £6,292, against £33,661 for the previous year, and £11,142 for 1938-39.

Before striking the profit, £2,631 was written off for depreciation. Dividend of 1/- per share, against 1/6 for 1939-40, required £lO,OOO, leav ing £11,048 to be carried forward, against £ 14,756 brought forward.

November clean-up from the Co.’s holdings yielded 242 oz. of gold, compared with 357 oz. in October, 355 oz. in September and 411 oz. in August. Sinking operations at No. 8 elevator caused the lower yield. The new elevator with a total lift of 80 ft. will come Into operation this month.

Bulolo Gold Dredging, Ltd.

Bulolo Gold Dredging, Ltd., reports a net profit of 3,912,671 dollars (Canadian), or about £ A 1,117,906, for the year ended May 31, com pared with 4,806,408 dollars (£ A 1,373,259) for the previous year. In both cases profit was struck before allowing for amortisation.

Dredgeable gravel reserves at May 31 were estimated at 140,000,000 cubic yards, and about 21,000,000 cubic yards which will be handled hydraulically. Eight dredges operated during the year.

Results from the Bulolo dredges for August, September and October compare as follows:

Estimated working profit for August, 7,128 oz., September, 7,144 oz., and October, 9,589 oz. of fine gold.

Enterprise Of New Guinea

Directors of Enterprise of New Guinea Gold and Petroleum Development, NL, early this

month, reported a loss of £7,304 for the year ended August 31, compared with a loss of £5,609 for the previous year. Loss on working account was £5,713. The directors recently re-opened negotiations with New Guinea Goldfields, Ltd., for the sale of the Edie Creek mine and an option has been granted.

New Guinea Goldfields, Ltd.

October "production from NGG Ltd.’s workings is compared with the previous two months in the following table; —

From Papua

Papuan Apinaipi Petroleum Co., Ltd.

DIRECTORS of Papuan Apinaipi Petroleum Co., Ltd., disclose that the recent issue of 160,600 shares, of 5/- each, was disappointing.

Because of the Co.’s financial position, drilling operations were suspended, but negotiations with the Federal Government for financial assistance resulted in an agreement, enabling operations to be resumed.

The agreement provides for advances by way of a loan, of a further sum not exceeding £20,000, payments to be made monthly. Re payment is made a first charge against the profits.

The Commonwealth Government has appointed a Treasury Official as its representative on the Board.

Balance-sheet for the year ended June 30 shows that expenditure was £43,214. Sundry Income was £315, and advances received and accrued from the Commonwealth Government totalled £20,143, leaving a net expenditure of £22,756.

This makes a total net expenditure of £84,882, after allowing for Government advances to June 30 of £29,386.

Cuthbert’S Misima Gold Mine. Ltd.

Latest return from Cuthbert’s Misima Gold Mine, Ltd., compares the figures for November with the two previous months as follows: —

Yodda Goldfields, Ltd.

Directors of Yodda Goldfields, Ltd., report that the clean-up for October yielded 82 oz. 19' dwt.

Aug. Sept. Oct.

Cubic yards .. .. 1,634,000 1,492,000 1,471,000 Bullion, oz 18,255 18,305 21,976 Gold, fine oz 12,594 12,630 15,163

Golden Ridges mill— Aug. Sept. Oct.

Tons treated . . . . 2,071 2,529 3,142 Gold, oz., fine ... 705 761 987 Silver, oz., fine . . . . 858 970 1,270 Alluvial — Gold, oz., fine .. .. 2,231 1,653 1,457 Silver, oz., fine .. .. 1,526 1,106 817 Operating profit— Edie Creek, £ . . .. *1,003 *328 *644 Golden Ridges, £ . . 929 130 1,046 Alluvial, £ 10,387 5,973 5,966 ♦Loss.

Sept.

Oct.

Nov.

Mill, tons treated .. 3,402 3,587 3,601 Gold, fine oz 855 894 900 Silver, fine oz 3,437 3,3831 4,065 Estimated value .. £6,966 £7,268 £7,403 Value per ton of ore .. 40/11 40/6 41/-