Mining News
pp. 51-52 · Read in the full issue
From Fiji
Emperor And Loloma Companies
BOTH Emperor Mines, Ltd., and Loloma (Fiji) Gold Mines, NL., the two large Fiji gold producers, reported lower annual profits at their general meetings in Melbourne on December 5.
Emperor’s profit was £A153,521 against £A213,007 in 1939-40, and Loloma’s £A237,874 compared with £ A 289.382 the previous year.
Directors decided to postpone further dividend declarations because of the Pacific war, greatly increased tax in Fiji, and the possibility of hav ing to provide loans to help the Fijian war ef fort. The Emperor Co. has also to outlay a considerable sum for additional treatment plant.
The companies have a controlling interest in Solomon Gold Exploration, Ltd., which is carry ing out an extensive prospecting programme in the Solomons. Some time will elapse before any progress results become available because of the extensive preparatory work necessary before testing can be done.
Emperor and Loloma jointly took an option over an area on Vanua Levu, near Natewa Bay (known as Waimotu), about 40 miles north-east of Mount Kasi mines. A lode near the surface has been disclosed for 175 feet, averaging ap proximately 7 dwt. a ton over 36 in. Diamond drilling is being carried out to test the down ward continuation of lode and values.
Directors of the two companies criticised the recent rendering of Fijian gold dividends liable to Federal taxation, when dividends from Aus tralian and New Guinea mines were exempt.
Representations have been made to the Common wealth Government.
Fiji Prospecting Co., Nl.
First and final distribution of 1/- a share was made in December by Fiji Prospecting Co., NL, from funds in hand. Formed in Melbourne in 1935, when a boom in Fiji gold was responsible for a dozen or so mining syndicates and con cerns springing up literally over-night, the Co. sent a prospecting party to Suva in charge of Mr. A. G. Campbell, well-known Australian min
ing engineer. An option was secured over an area in Korolevu Bay district (known as the Sigatoka area), but was abandoned a couple of months later. Nominal capital was £lO,OOO in 2,000 £5 shares—it was disclosed when the Fiji property was relinquished that 1,530 shares had been subscribed for and paid up to £2. Direc tors were Messrs. W. H. Smith, T. R. Victor, R.
A. Rowe, E. R. Jeffery, and L. de J. Grut.
From New Guinea
Enterprise Of Ng Gold
IN a circular to shareholders, directors of Enterprise of New Guinea Gold and Petro leum Development, NL, state that, although they had recently decided to realize on certain assets in New Guinea outside of the option given over the mine, any immediate realisation could only be effected at a sacrifice because of recent inter national developments in the Pacific. For that reason a call of 1/- a share has been made for the maintenance of the mining lease and up keep of the mine. When the Pacific position improves, sufficiently, realization of assets will be proceeded with. The call brings the paid-up value of shares to £3/16/- each.
In their recent annual report, directors said they have information that lends colour to their belief that petroleum of national significance exists in portion of the “uncontrolled” area in New Guinea. Their belief that oil exists there was placed before the present and former Federal Governments, but both decided to con tinue the ban on entry into “uncontrolled” areas in New Guinea. The chairman of the Co. (Mr. Frank Watkins) has in his possession two official maps of Dutch and German origin which, he states, supports the Co.’s contention.
Bulolo Gold Dredging, Ltd.
Results from the Bulolo dredges for September, October and November compare as follows;
Estimated working profit for September was 7,144 oz. of fine gold; October, 9,589 oz. of fine gold; and November, 8,102 oz. of fine gold.
Sandy Creek Gold Sluicing, Ltd.
Production from the Sandy Creek Co.’s areas for December is compared with the two previous months in the following table:—
Sunshine Gold Development, Ltd,
December yield from the holdings of Sunshine Gold Development, Ltd., was 367 oz. of gold, compared with 242 oz. in November and 357 oz. in October.
New Guinea Goldfields, Ltd.
November production from NGG, Ltd.’s., work ings is compared with the previous two months in the following table:—
Loss on alluvial was due to overburden re moval at Edie Creek and new location of pipe line and plant at Kaili.
NGG, Ltd., earned net profit of £60,027 for
Sept.
Oct.
Nov.
Cubic yards .. . . 1,492,000 1,471,000 1,374,000 Bullion, oz. .. 18,305 21,976 18,656 Gold, fine oz. .. 12,630 15,163 12,873
Oct.
Nov.
Dec.
Treated, cub. yds 37,832 11,764 27,040 Gold, oz 593 392 280 Average value, per cub. yd. 2/6 5/4 1/8 Average working cost, per cub. yd 7d 1/4 —
Golden Ridges mill— Sept. Oct. Nov.
Tons treated .. .. 2,529 3,142 3,049 Gold, oz.. fine .. .. 761 987 814 Silver, oz., fine .. .. 970 1,270 1,175 Alluvial— Gold, oz., fine .. . . 1,653 1,457 686 Silver, oz.. fine .. .. 1,106 817 428 Operating profit— Golden Ridges, £ . . 130 1,046 *355 Edie Creek, £ . . . . *328 *644 *566 Alluvial, £ 5,973 5,966 *25 ♦Loss.
the year ended September 30, 1941, compared with £113,511 for the previous year. The re
duction in profit, arrived at after providing £23,894 for depreciation, was caused by a loss on underground operations of £3,073, after pro viding £16,554 for administration, royalty, and Commonwealth Excise Tax, and charging to working expenses £20,183 for development re demption.
In addition to the dividend of 3d. a share to be paid out of mining profits, a dividend of 3d. is recommended from the “casual profits” realised by the appreciation of share capital received in London in 1929 and later sold to bankers in Australia at favourable exchange rates. The appreciation, totalling £59,025, ap pears in the balance sheet as “Premiums from share capital”.
Alluvial earnings and tribute receipts were £62,798, compared with £68,153 for the previous year. The Co.’s share of the earnings from the Koranga Alluvial joint workings arrangement amounted to £39,684, of which £12,995 was credited to development redemption account and £26,689 to profits.
Placer Development, Ltd.
Placer Development, Ltd., which has holdings in Bulolo Gold Dredging, Ltd., showed a profit for the year ended April 30. This compares with of 1,089,264 dollars (Canadian), or £A311,218, 1,100,660 dollars (£A314,474) for 1930-40. A half yearly dividend of 60 cents (Canadian), less absentee tax of 15 per cent, was paid on December 23.
From Papua
AN advance of £lO,OOO by the Common wealth Government proved insufficient, the annual report of Mandated Alluvials, NL, states.
The Co. applied for a further £2,500, and asked that repayments of the original advances be deferred. As a condition of the additional advance, the Ministry of Munitions recom mended that three nominees of the Government should be appointed to the board in an honorary capacity. At the coming annal meeting a re solution will be submitted to increase the total number of directors from five to seven.
The Co. showed a loss of £1,334 for the year ended July 31, compared with a profit of £1,461 for 1939-40. A debit balance of £1,123 was carried forward.
Value of plant increased from £4,819 to £10,909, but the directors claim that, as a production unit, its real value is nearer £20,000.
Further capital expenditure on plant should not exceed £5OO. Because of development and plant extension, and of a shortage of oxidised ore, the plan ran for only 15 weeks, in which it treated 1,862 tons of oxidised ore and 2,065 tons of sulphide ore for 1,064 oz. of gold, 3,182 oz. of silver, and 55M> tons of copper, of a gross value of £16,464.
Substantial progress was made in opening up the sulphide ore body in the Laloki mine, en suring constant supplies of payable ore. In the Sapphire mine, at least 5,500 tons of oxidised ore, carrying good gold values, are indicated.
Sulphide ores will keep the plant in full pro duction for several years.
Oriomo Explorations, Ltd.
In their report for the year ended August 31, 1941, recently issued, directors of Oriomo Ex plorations, Ltd., stated that the Co. now holds 5.500 shares of 5/- each in Oil Search and 100 shares of 5./- each in Oriomo Oil at a total cost of £1,441.
Cuthbert’S Misima Gold Mine, Ltd.
Returns from Cuthbert’s Misima Gold Mine, Ltd., compares the figures for December with the two previous months as follows: . Oct. Nov. Dec.
Mill, tons treated . . .. 3,587 3,601 3 523 Gold, fine oz 89’4 900 ’BB3 Silver, fine oz 3,383 4,065 3,155 Estimated value .. .. £7,268 £7,403 £7,163 Value per ton of ore .. 40/6 41/- 40/8 Interim dividend, No. 15, of 1/- per share was paid on December 23.
Gold Mines Of Papua, Ltd.
Maintenance expenses of Gold Mines of Papua, Ltd., for the year ended June 30 were £567, bringing the debit balance to £134,628, against issued capital of £135,000. Creditors are set down at £38,473. Fixed assets, less sales, £856, during the year appear at £37,444.
Cash and debtors amount to £1,401. During the year £856 was realized from the sale of plant and equipment, and since the close of the accounts part of the mill has been sold for about £1,700.
Dominion Gold, Ltd.
Expenses of £317, and the writing-off of a loan of £2OO, increased the debit balance of Dominion Gold, Ltd., to £3,813 during the year ended July 31. The major portion of the Co.’s assets consists of shares in Mandated Alluvials, NL, operating in Papua.
Oriomo Oil, Ltd.
Holding by Oriomo Oil, Ltd., of shares in Oil Search, Ltd., of Papua, was recently increased by the acquisition of a further 700 shares, and now totals 407,496 paid shares of 5/- each, re presenting approximately 2Ms Oil Search shares for every four Oriomo Oil 5/- shares. The directors state in their report for the year ended June 30, 1941, that they do not attach much value to the 12,140 paid shares of 5/in Oriomo Explorations, Ltd., appearing in the balance sheet at cost price of £2,772.
Oil Search, Ltd.
“The Co.’s recent issue of 80,000 shares. has met with a poor response, and only about one fourth has been subscribed,” said the chair man, Mr. W. A. Freeman, at the annual meet ing of Oil Search, Ltd., in mid-December.
“The Co.’s funds, however, are sufficient to enable it to take up 11,000 additional £1 shares in Australasian Petroleum Co., which is deep drilling for oil at Kariava, Papua,” Mr. Free man added. “Our shareholding partners have agreed to extend the date by which we may acquire the balance of our quota of a 20 per cent, interest in Australasian Petroleum until seven days before the next issue of shares.”
Papuan Apinaipi Petroleum Co., Ltd.
Papuan Apinaipi Petroleum Co., Ltd., has stopped drilling for oil for the present. Direc tors received a communication from the Com monwealth Government stating that, in view of the changed international position—particu larly in the Pacific —the Government had con cluded that operations of the Co. should cease.
A further issue of 160,000 shares of 5/- each, at par some months ago, having met with a disappointing response, the directors negotiated with the Commonwealth Government for finan cial assistance to continue drilling. An agree ment was recently completed by which the Government decided to lend the Co. £20,000 in advances not exceeding £5,000 a month.