MINING.

Auckland Star, Volume LXXI, Issue 238, 7 October 1940, Page 4

MINING.

MT. MORGAN PROFITS UP. The net profit of Mount Morgan. Ltd. (Queen*/ , land), for the year ended June 25 was £219.704. compared with £92.652 lor the previous year, and £116.064 in 1938. A sum of £ 100.000 Is transferred to general reserve, which now stands at £110.000. The conversion of one section of the oxide mill to a sulphide ore treatment plant was completed in January, and results have been satisfactoryProvision has been made for the resumption of treatment of oxide ore and the necessary additional plant is in course of erection. The all-round reduction in operating costs is described as the most pleasing feature of the year's operations. Mining and treatment cost per ton of sulphide ore was 12/10.95. against 17/2.00 In 1938-39, and of oxide ore 3/6.49. against 5/1.01. Copper smelting cost was £19 7/9 a ton. against £31 6/. Details of production are omitted because of the embargo placed on such statistics by the British and Commonwealth Governments. GREY RIVER DIVIDEND. The Grey River Dredging Co.. Ltd. (West Coast), has declared a dividend of 4d a share, payable on October 14. The company's first dividend of 3d a share was paid In October. 1939. Further payments this year have been 3d a share in March and 4d In July. In September the dredge yielded 13620 Z. YIELDS OF COMPANIES. Mossy Creek (West Coast). —340z from 82801 yards in 105 hours. j White's Electric (West Coast). —240z from 6300 yards in 79 hours. ' Austral (N.Z.) Mining. Ltd.. reports the following return for September: 1082oz of bullion from • 270,000 yards in 427 hours worked in 25 days. | i