“Nothing Definite” On Comalco Plan Charges

Press, Volume C, Issue 29674, 18 November 1961, Page 13

“Nothing Definite” On Comalco Plan Charges

(N.Z.P.A-Reuter —Copyright)

MELBOURNE, Nov. 17. The chairman of Consolidated Zinc Proprietary, Ltd. (Mr W. A. Mawby) today denied that any decision had been made t' defer development of the Southland aluminium project because of shortage of finance. Mr Mawby was asked by the New Zealand Press Association to comment on rumours in Wellington that the project was to be deferred.

He said: "There is nothing definite yet and no reason to say at this stage that there wiH be any alteration in our pl>a,ns. The matter is still under negotiation. That is all that can be said.” On October 20, Mr Mawby denied similar rumours about the project. “The scheme will go ahead as planned, subject only to successful financial arrangements being made,” he said. “I have no grounds to be pessimistic.” Mr Mawby was approached by the ‘'Southland Times” because of persistent suggestion of a reconstruction of the company and possible delays in the original plan. Mr Mawby then said in a telephone conversation from Melbourne that there were no grounds whatsoever for

comments, which, he was told, had gone so far as to suggest the whole scheme was off. They were ridiculous, he said. The company had no intentions of ever abandoning the scheme.

It was in the process jusit now of loan-raising. Representatives were abroad for that purpose. “The magnitude of the job will depend on the money available,” he said.

It could happen that the scheme might be delayed through insufficient finance, “but I have no reason to consider it at this stage.” Mr Mawby thought it unlikely that the Manapouri power scheme would be let as a single contract. It was planned to let the tail-race tunnel and other jobs, such as the excavation of the underground powerhouse, separately, and “there has been no change in our position as first staged.” There was absolutely no foundation, either, for any suggestion of a change in the construction of Comalco. Consolidated Zinc and Kaiser Aluminium were equal partners in the company. Mr Mawby said that Comalco hoped to let a big contract soon for part of the project here.