MOUNT ISA PLANS

Press, Volume CV, Issue 31060, 16 May 1966, Page 18

MOUNT ISA PLANS

Lead-Zinc In N. Territory (N.Z. Press Assn. —Coppriph' SYDNEY, May 13 The development of th McArthur river lead-zinc de posit by Mount Isa Mines has moved to a further stage with the establishment of a main base site. The McArthur river deposits are in the North East ern Northern Territory near the Gulf of Carpentaria. The construction of the main base site, 40 miles upstream from Borroloola, calls for an initial expenditure of 600,000 dollars. This is part of the 1.6 m dollars expenditure planned this year on the project. These funds will be spent to determine whether the undertaking is practical and economically feasible, the general manager (Mr J. W Foots) said last night. The company had already spent 1.5 m dollars in explora tion to evaluate the deposit. The deposit is relatively low grade ore. This means that Mount Isa will have spent a total of 3.1 m dollars on the McArthur River prospect before the end of this year.

Mr Foots said that considerably more exploratory work was necessary to determine the available mineral reserves and their worth. He added the feasibility study could continue for another five years before any final decision was made as to whether the working of the prospect was an economic proposition.

Donaghy Dividend.—Directors of Donaghy Rope and Twine Dunedin, recommend a final dividend of 84 per cent, tnak Ing an unchanged 11 per cen for the year. Ex dividehd rat. is July IS.—<P.A.)