MINING NEWS.

Auckland Star, Volume LXVII, Issue 289, 5 December 1936, Page 19

MINING NEWS.

BULOLO DREDGING PROSPECTS. An estimate of prospective profits and dredging life of Bulolo Gold Dredging, Limited (New Guinea), was given by Mr. C. A. Banks, managing director, who presided at the annual meeting of the company in Vancouver recently. Mr. Banks said that as the additional dredges came into production the operating profit should gradually increase to between 4,500,000 and 5,000,000 dollars in Canadian currency annually. Dredging would continue for 17 or 18 years. Based on known gravel reserves, several dredges would close down in about nine years, but some additional yardage might be developed in the meantime.

PLACER DEVELOPMENT PROGRESS. At the annual meeting of Placer Development, Limited {New Guinea), in Vancouver recently, Mr. C. A. Banks, managing director, said that an increase in dividends from the Bulolo Company might later be expected, as that company's earnings should substantially increase as further dredges were installed. Pato Consolidated Gold Dredging, Limited, in I'lacer Development now owned a 40 per cent interest, was Installing four new dredges, making six in all, and a. 10,000 horse-power hydroelectric plant. The operation should develop into one of the large dredging enterprises of the world. An operating company would be formed to take over the Colombian Restrepo Options, on which it was considered several dredges would be warranted. Of the other subsidiaries, the Asnazu Gold Dredging, Liimted, has recently declared a first dividend of 5 per cent. Rutlierglen Gold Dumps, Limited (Victoria), had also declared a frrst dividend of 5 per cent. Placer Development, Limited, had recently acquired some additional dumps, on which another treatment plant of 500 tons daily capacity should be operating about next May.

AUSTRAL N.Z. MINING, LTD. The statutory report of Austral New Zealand Mining, limited (Christcliurch), states that the total number of shares allotted by the company - is 194,280 ordinary shares of £ 1 each, and 35,000 deferred of 1/ each. Of these shares 0000 ordinary shares have been allotted as fully paid up, otherwise than In cash, and 189,280 ordinary shares and 35,000 deferred shares have been allotted subject to the full nominal amount thereof in cash. The total amount of cash receivel by the company in respect of the 189,280 ordinary shares of £ 1 each, and the 35,000 deferred shares of 1/ each is £68,754, and the company has received no cash in respect of the 5000 shares allotted as fully paid up. Expenditure includes purchase money and mine property, £ 37,375, expenses on account of dredge plant £ 1940, deposit on contract for electric power £ 1400, deposits at call in New Zealand £2050, and cash at bank, Sydney, £24,744.