MOUNT LYELL YEAR
Gauses Of Fall In Profit (N.Z Press Assn.—Copyright) MELBOURNE. Sept. 20. Mount Lyell Mining and Railway Company, Ltd.’s fall in profit arose entirely from the mining side of the company’s operations, the chairman, Sir Walter Bassett, says in his statement with today’s full accounts. Extensive bush fires damaged power lines and the dry period during the summer, which reduced the level of the water storage dams, delaved resumption of smelting after the normal Christmas shutdown. This, and a lower grade of ore treated, caused a decline in blister copper output. The average price for copper was lower and the sales resulted in a lower pro. fit.
During the year expenditure on development of exploration was steady but the emphasis passed from outside exploration to work within the company’s leases. Profit for the year was down from an adjusted £431.202 to £247,916.
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Press, Volume C, Issue 29624, 21 September 1961, Page 19
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144MOUNT LYELL YEAR Press, Volume C, Issue 29624, 21 September 1961, Page 19
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