W.A. MINING PROJECT

Press, Volume CI, Issue 29760, 1 March 1962, Page 17

W.A. MINING PROJECT

Three Firms To Spend £l2m (N.Z PJk -Reuter—CopvTipht) PERTH. Feb. 28. Three big overseas mining companies propose to spend £l2 million on an iron ore mining project on the coast of Western Australia. The Premier (Mr Brand) signed an agreement yesterday with the companies whose joint tender was accepted for extracting and exporting up to 15 million tons of ore from the rich Mt. Goldsworthy deposits, 60 miles east of Port Hedland. The companies are Consolidated Gold Fields (Australia) Proprietary. Ltd., of Sydney; Cyprus Mines Corporation. Los Angeles; and Utah Construction and Mining Co., of San Francisco. Export Permit The Mount Goldsworthy deposit is estimated to contain 30 million tons of highgrade ore. and the companies will have a permit from the Commonwealth to export up to half of this amount. They believe further exploration will disclose a much larger deposit than is now known. The managing director of Consolidated Gold Fields (Mr F R. Beggs) said the decision to carry out the project would depend mainly on the satisfactory outcome of a £300.000 programme of preliminary investibation. on which work would start immediately.

Australian Loan Oversubscribed

(N.Z.P A.-Reuter— CopvrtyhO CANBERRA. Feb. 28

Record peace-time subscriptions totalling £9O 7 million were received for the Commonwealth Cash Loan which closed last Thursday. The Federal Treasurer (Mr Holt), who announced this last night, said the total represented an over-subscrip-tion of £35.7 million on the loan target of £55 million.

Metiers (NX).—Annual dividend is 2s a share unchanged, ex dividend March I—(PA.)