Mining Industry
p. 145 · Read in the full issue
Not Before
Time
Aid To P-NG Mining Industry
THE mining industry in New Guinea is likely to receive a much needed “shot in the arm” through repayable advances for developmental mining, which will be made by the Administration in appropriate cases, and for advances to be made for prospecting, and from a cut in royalties.
The Administrator may approve loans for developmental mining up to £2,000, and the Minister may approve larger advances.
Government and Administration assistance will probably be made available for treatment work, boring, marketing, etc.
The New Guinea Legislative Council has passed a bill cutting royalties from 5 per cent, to U per cent. —a move which will be wel comed by mining companies.
A gold mining authority in Syd ney said he considered this a wise move, and one which could help the industry.
“At this stage I would feel that Australia could benefit largely from any new development in the mining field,” he said.
Early this month the Bulolo Gold
Dredging Co. sent a geologist to join its staff to assist in prospecting in New Guinea.
In May, it was announced that this company had shut down another dredge and now has only one operation at Bulolo.