MINING NEWS.

Auckland Star, Volume LXV, Issue 46, 23 February 1934, Page 4

MINING NEWS.

MOUNT MORGAN OPERATIONS. DIRECTORS' POLICY OUTLINED. The development policy of the directors of Mount Morgan. Limited (Queensland), was outlined at a shareholders' meeting in Svdney recently hy the deputy chairman, Mr. G. A. Crawford, following a recent visit of the directors to the mine. Mr. Crawford said it had been decided to proceed with development in the quarry to increase the output to 5000 tons a week. The I programme would cover a perio-.l of eighteen months and included the development of the open cut, the removal of overburden at a minimum rate of £000 tons a week, and the reconditioning of the power plcnt with a view to obtaining cheaper power, and the construction of additional units to the concentrating mill. The fulfilment of the programme would mean a permanently increased output and lower costs, which meant attacking a definite ore reserve of over 2,000.000 tons, so that the undertaking would then be in a position to meet any fluctuation in exchange and the price of gold, and at the same time take full advantage of the present high ruliug price of gold. Ample capital was available for the purposes set out. and as far as could be seen the regular quarterly dividend of 2/ a share would not be interfered with. The board had decided to set aside a sum equal to 7J per cent of dividends distributed to provide benefits to the employees. The meeting confirmed the. decision to convert the shares of £1 each to four shares of 5/ each. The board intends to effect registration of the 5/ shares on the London Stock Exchange.

MINE MANAGERS' REPORTS. Talisman Dubbn.—Report for fortnight ending February 17: The drive on No. 1 Talisman level has been advanced 10ft. The face is showing l.Sin good grade quartz. Rise for ventilation: This has been prt. up a further 32ft, total from iloor of level 102 ft, leaving approximately 13ft to bole through to the Dubbo level. The last 20ft has been in payable reef 12in wide. Stopes: Stoping has been carried on: two shifts on southeast of block, which is now qver 100 ft long, in stone of high grade 24in wide. AUSTRALIAN PRICE OF GOLD. The price fixed by the Commonwealth Bank for gold, including jewellery, lodged at the Melbourne Mint, for the week ended February 9. was at the rate of approximately £7 1-5/3 a standard ounce (22 carats), equal to a premium of 09.30 r»er cent. Payment is made according to the assay value of the gold. The price is 1/2 lower on the week. The price an ounce line is £8 9/4, a fall of- 1/4 on the week.