Goldmining Industry
p. 33 · Read in the full issue
Commonwealth Aid to Goldmining Industry
GOLD producers in Papua and New Guinea may benefit from the Goldmining Industry As sistance Bill which was on its way through the Commonwealth Parlia ment in November.
Producers of less than 500 ounces of gold per year will get a subsidy of £l/10/0 per ounce. Others will get a subsidy rate depending on the cost of production—i.e., if their gold costs less than £l3 10 0 per ounce to produce they will get no subsidy at all. Where the cost of production is £l5 per ounce, the subsidy will be £l/2/6; and the maximum subsidy of £2 will be paid when the cost of production is £l6 3 4 an ounce or more.
Official price of gold at present is £l5/12/6 Australian per ounce.
This assistance may stimulate production from borderline mines and leases and generally assist the industry which (according to Mr.
Menzies) is facing difficulties over which it has little control.