Huge Deposits Of Iron Ore In W. Australia

Press, Volume CI, Issue 29998, 6 December 1962, Page 25

Huge Deposits Of Iron Ore In W. Australia

(NJS. Press Association—Copyright)

PERTH, Dec. 5. Western Australia's iron ore resources are now officially recognised as about eight million too*—l2 times Australia’s known economic reserves in 1980, and enough to supply the world’s needs for 20 years and Australia’s requirements for 1400 years at the current rate of consumption. The Western Australian Premier, Mr David Brand, announced recently that the new estimate, which was a conservative one, was contained in a departmental report presented by the Minister of Mines. It showed that Western Australia had become one of the world’s four major sources of high grade iron ore.

On present f.o.b. values for iron ore on the world market, the State’s iron ore

reserve® urauM be worth at least 30 time# the value of ail the sold ft has ever produced. The Premier said that the new discoveries of iron ore were the direct result of the policy agreed upon by the State and Commonwesdth Governments in 1960 to encourage large-scale prospecting by major Australian and overseas companies. C.SJC. Proipecta.—The seven mills owned by the Colonial Sugar Refining Company. Ltd., in Queensland and New South Wales, are expected to produce about 354.000 tons of sugar during the current year. This is about 52,000 tons more than the previous highest figure, the general manager (Mr J. Vernon) says in an Interim report.— (P.A.). CJ.G. Year.—Commonwealth Industrial Gases. Ltd.. Increased consolidated net profit of £27.883. or 23 per cent, to £1.287.047 for the year ended September 30. However, the rise did not recover the fall of £70.800 in 1960-81. Profit is after tax provision of £954368 (from £22,654) and after depreciation of £1.068.117 (up £100,769). Dividend of 11 per cent, absorbs £550,000.