MINING NEWS.

Auckland Star, Volume LVI, Issue 290, 8 December 1925, Page 12

MINING NEWS.

ZEEHAN CONSOLIDATED. ANNUAL MEETING. The annual meeting of shareholders ln the Zeehan Consolidated Mining Company was held this-morning, at the City Chambers. Mr. H. C. 'Smart was chairman. When presenting the statement of accounts tbe chairman stated that for the half-year £230 pet week had been expended on mine development, and £130 per week on enlarging renovating, excavating, putting ln concrete foundations, replacements of and Installing new . machinery. Altogether the total expenditure for six months was £0388 2/2. Receipts from shares and calls for the halfyear were £1665.'... Tho increased indebtedness of £8000 represented £4000 for new machinery and £4000 for timber, cement, explosives, wages, carting, scowage, mining supplies, road making, etc. The directors had assisted the Zeehan by undertaking heavy responsibilities, making sacrifices, and advamclOg money, -which Should be remembered to their credit.- They had. decided to go into voluntary liquidation, for reconstruction purposes, present shareholders to receive an equal holding In fully paid issue of tlie new company. The new company proposes 1 to Issue £25,000 debentures to pay obligations and complete the concentrating plant. Referring to developments in the mine, the- chairman said in 1924 Mr. Frank Shepherd calculated the ore available for treatment at 100,000 tons. Since then the north-drive had been extended 266 ft, and the reef had increased in width from 30in to over Bftl It is a conifiact body; wrtth values distributed through t, portions being nearly solid metal, and gold shows freely. The. reef is widening as the drive proceeds, values are increasing, and there are 1300 ft of backs overhead. Mr. Smart referred to- the good prices ruling for lead and zinc. He added the Haurakl Peninsula is a vast sulphide field. Three essentials to success in mining were labour, capital, and knowledge. The report and balance-sheet were adopted. Messrs. C. R. C. Robieson, W. A. w. Grenfell, and E. J. Stephens were elected directors. The resolution was confirmed re going into voluntary liquidation' for the purposes or reconstruction.