Steady Earnings By Gold Mines

Press, Volume CVI, Issue 31071, 28 May 1966, Page 22

Steady Earnings By Gold Mines

LN Z. Press Association—Copyright) MELBOURNE, May 27.

Net profits of Western Mining Corporation and Gold Mines of Calgoorlie (Aust.) for the 12 months to March 31 are estimated to compare closely with results for their respective 1964-65 financial year.

But net profit of Central Norseman Gold Corporation N.L. for the year to March is estimated to have fallen from 1,349,200 dollars to 1,606.000 dollars.

Meanwhile the three companies, together with Kalgoorlie Southern Gold Mines N.L. and Great Western Consolidated N.L., are changing their balance dates to June 30. This means that the current financial period of each will cover 15 months and the next W.M.C. accounts will include income from iron ore

Group Interests The five companies are members of the Western Mining Group headed by W.M.C. which has a 50 per cent interest in Central Norseman. 30 per cent in G.M.K., 22 per cent in Kalgoorlie Southern, and a 14 per cent interest in Great Western. W.M.C. earned 480,000 dollars in 1964-65. This was the parent company figure only, and comprised mainly dividends from G.M.K. and Central Norseman, plus management and equipment hiring fees.

Group net profit for 196465 was 639.038 dollars, after excluding 668,298 dollars for the interests of outside shareholders. Directors say the company

is now receiving Income from iron ore shipments. G.M.K. earned 617.766 dollars in 1964-65 and dividends were reduced from 10 to 5 cents a share.

Directors say that in view of the considerable funds needed for development in depth at Mount Charlotte, near Kalgoorlie, dividend has again been restricted to the equivalent of 3d a share—--2.5 cents.