AUSTRALIAN RUTILE

Press, Volume CI, Issue 29744, 10 February 1962, Page 18

AUSTRALIAN RUTILE

Two Companies In £sm Deal

Two Australian rutile companies have won a £5 million contract from the Du Pont organisation of tt>e United States. and will merge to service the contract.

The two companies are National Minerals and Coffs Harbour Rutile, which both produce rutile near Newcastle National Minerals is a subsidiary of Peko-Wallsend Investments. Ltd., while Coffs Harbour is a recently acquired partly owned subsidiary of Kathleen Investments. Ltd Joint Company

The two rutile producers will form a joint manaaerial company. Rutile and Zircon Mines (Newcastle). Ltd., to produce rutile for the contract.

The Du Pont contract has been the subject of long negotiations involving most of Australia’ s rutile producers Tlte awarded contract (with E I Du Pont de Nemours and Company) provides for the supply of 30 000 tons of rutile a year Du Pont retains the option to take up to 50.000 tons of the metal a year—well above the current production capacity of the two producers

N.Z. Reserves Higher

( N.Z. Press Association) WELLINGTON, Feb. 9 Net overseas assets of the New Zealand banking system on January 31, 1962 were £94.4 million, compared with £4B million on January 24 1962, and £52.4 million on February 1. 1961 These figures were announced today by the Reserve Bank.