ILMENITE DEPOSITS Overseas Firms Seek Terms

Press, Volume CIV, Issue 30717, 5 April 1965, Page 1

ILMENITE DEPOSITS Overseas Firms Seek Terms

arum Our Own Reporter) WELLINGTON, April 4. Steel interests in Britain. Germany, the United States and Japan are bidding for terms of association with the New Zealand Government-sponsored company which will soon be announced as operating the conversion of New Zealand ilmenite deposits into iron, steel and other metals.

Although the (jovernment has maintained that the industry will remain a predominantly New Zealand enterprise, this does not bar an association such as has occurred in the papermaking industry.

New Zealand interests may be protected either by the articles of association or by’ legislation in the coming session of Parliament. The documents for registration are now being prepared' for submission to the Registrar of Companies. It is expected that the pro-i

visional board of three. Sir Woolf Fisher (chairman). Sir) Leonard Wright and Mr E. R ; McKillop, will be appointed to the board of the working com-; pany. with three others to be named. At first, the Government, as; subscriber of the equity , capital of £6.500.000. will be : the only shareholder. The public will be invited to subscribe when more) I capital is needed.

Representatives of the consultants. McLellan and Partners and W. S. Atkins and Partners, of the United Kingdom, are now working in New Zealand on drawing up specifications. The Minister of Industries and Commerce (Mr Marshall) will visit South Auckland next week-end for discussions on the selection of the mill site.