1010 Ma Mine Almost
pp. 98-99 · Read in the full issue
Changes On Fiji's
Fabulous Goldfield
Worked Out
LOLOMA, one of Fiji’s famous goldmines, is almost worked out, and, according to a Sydney re port, there was little over a year’s feed for the mill available at the end of last June.
Accordingly, investment interest now centres mainly on the com pany’s big investments and in the possible opening of a new mine in a jointly-held area on the eastern boundary of the Emperor leases.
The two main companies in the Tavua field —Emperor Mines, Ltd., and Loloma (Fiji) Goldmines, NL— forming part of the Associated Gold mining Companies of Fiji, were started in the 1930’s by Melbourne investors led by the late E .G.
Theodore. A smaller associated company (private) worked the rich Dolphin property.
Mining has been by both open cut and underground methods, the ore being treated at a huge central plant. Before and after the war Fiji’s gold exports were over the £1,000,000 mark annually, and the Vatukoula mining settlement has grown into a flourishing little modern town.
IN 1952, the Fiji Government and the Australian companies an nounced an agreement regard ing new and intensive exploration for gold. Under subsequent legisla tion the Government reduced its goldmining revenue by £F200,000 in the period to 1956. Royalties on gold and silver were cut and the
Governor-in-Council was empowe to make a further special reduo; for new mines. At the same fj the Government permitted all c ital spent in developing new m;j to be set off over the year of penditure and the succeeding years for income tax purposes.
Simultaneously the companies
Dunced a three-year programme »r exploring the Vatukoula-Tavua •ea. Emperor, Loloma and Dolphin ich applied for prospecting jences covering 14,000 acres hord ing areas hpld by the companies, was stated that some of the holes i be churn-drilled would go as deep i 2,500 ft, and the estimated cost the programme was £200,000, in uding plant and equipment.
A report in March stated that in ie area adjoining Emperor’s eastern »undary two of four holes drilled dicate the possible existence of a »od tonnage of rich ore (core assay oz) east of Emperor’s Nos. 8 and levels. It is intended to test the iw ore-zone by cross-cutting from nperor’s new internal shaft, now ing sunk. It may be two years more before the ore-zone in the intly-held property is fully ex- Dred and its value known. Mean lile, Loloma will share the cost exploration equally with Em ror.
OLOMA has a paid capital of i £A93,375 in 5/- shares, of which 180,000 are fully paid and the lance paid to 1/6 each. For the ar to June 30, 1954, the Co. netted 5,663 (down £81,020), of which ,752 (down £74,414) came from ining, and £87,991 (down £6,610), ual to 2/4 a share, from invest mts. Dividends totalling 2/- a are (£82,500) were paid, and an tler 1/- a share was sent out on ;cember 21, 1954, making total /idends paid to date £1,189,375, or /10 a share.
When the books closed current sets totalled £1,255,491 and current bilities £82,672. Investments, which nsist mainly of scrip in sound istralian industrials, stood in the oks at £1,031,712. Their market realisable value last November is put at £1,249,459. rhe market prices the Co.’s scrip 24/6, thus valuing the entire dertaking at £1,010,625, or £217,750 ;s than the market of the invest mts alone.