Copper Tunnellers To Begin Work

Press, Volume CVI, Issue 31151, 30 August 1966, Page 1

Copper Tunnellers To Begin Work

Tunnelling for copper ore is to begin at Moke Creek, near Queenstown, immediately. After a meeting of the directors of New Zealand Mineral Developments, Ltd., in Christchurch yesterday, Mr R. H. Johnston, chairman of directors, advised the Stock Exchange that the issue of 50,000 ordinary shares had been fully subscribed and the company had gone to allotment.

Mr Johnston said that a limited amount of over-sub-scription would be accepted, however, in the coming weeks Mining at Moke Creek would start at once. Twelve tunnellers had already been engaged, and they would mine as much ore as possible in the next few weeks while final marketing arrangements were being made. Mr W. I. Anderson, of Queenstown, had been appointed mines manager, and would be responsible for all work done at the Moke Creek site. Mr Anderson is a prospector who held the prospect ing rights at Moke Creek with Mr J. Boyd for about six years. The mining rights

were granted to them on August 9, and have been sold to the company. Mr Johnston said that since the offer by the American W R. Grace Company in July to buy the ore at £4O to £45 a ton, another offer had been made by a Canadian group. This offer w : as being investigated by the company. He said the company had not had to look outside New Zealand for applicants for its share issue. Most shares had been taken by small investors in New Zealand, which he said justified the company’s confidence in its policy of having a fully paid-up New Zealand owned and operated mining company.