ALCOA SPEEDS LP PLANS

Press, Volume CI, Issue 29849, 15 June 1962, Page 12

ALCOA SPEEDS LP PLANS

Geelong Plant To Start In 1963 (N.Z.P.A.-Reuter—Copyright) MELBOURNE. June 14. The American-Australian aluminium complex, Alcoa of Australia, Ltd., expects its smelter at Geelong, near Melbourne, to begin production, at an annual rate of 20,000 tons, in March next year. The group's Kwinana refinery, in Western Australia, is expected to start producing nine months later, in December, 1963.

Previously the company had brought forward its Geelong production date from 1964 to "about mid-1963.” 40,000 Tons The Geelong plant ultimately will produce 40.000 tons a year. Until December, 1963, when the Kwinana plant begins operations, the Geelong plant will process imported alumina. Final capital cost of this plant will be about £23 million. The Kwinana refinery, using ore mined in the Darling Ranges. Western Australia, will have an output of 210,000 tons a year. Capital cost, including both the refinery' and mining works, will be about £lO million.

Phoenix Holdings © Profit High er

(N.Z. Press Association) WELLINGTON, June 14. Net profit of Phoenix Holdings. Ltd, for the year to March 31, 1962. was £3959. against £3259 the year before. This was after tax of £763 (£628). There was also a capital profit of £1359 from the sale and bonus issue of shares which has been credited to the debit balance in the profit and loss appropriation account. This account, after provisioh for dividend of £2904, has been reduced to £5077.

Oil Search Tries Again In Papua

Oil Search. Ltd, will drill a s'atigraph well in the Fly river-Oricmo area, in southwest Papua, after about 18 months' suspension of drilling activity. The new well will be located on the south-west bank of the Fly river, in Oil Search's permit No. 33 area. The well will be drilled to basement rock, which is expected at 6000 fee;. The well is being drilled in accordance with arrangements made with Oil Search’s partners. BP and Mobil of Australia.