SET-BACK BY KANIERE

Press, Volume CVII, Issue 31499, 13 October 1967, Page 19

SET-BACK BY KANIERE

Loss Confirmed At$2o;ooo (From dur Own Reporter) GBEYMOUTH, Oct. 12. A loss of more than $20,000 was suffered by the Kaniere Gold Dredging Company last year as against, a profit of $19,972 the previous year. “Results for the year were most disappointing and recoveries were below expectstioris," the chairman (Mr P. A. Pratten) told the annual meeting.

Representations were made to the Government for some form of financial assistance.

The Government submitted the company’s representation to a committee for investigation which disclosed that it was not practicable for the company to meet production costs ( from recoveries.

Selling Price Raised The selling price, of gold to New. Zealand gold buyers, who put-chase the whole’ of the output, has been raised SIQ a fine dunce since Januatfrt < • /. “The continuance of dredging jWUI depend On buyers paying a price.sufficient ttt meet production costs and show a reasonable profit . on shareholders’ funds,” says Mr Pratten. “Dredging, operations will continue so long as it appears in the interests of the com-. P«ny. Bullion Recovered

Bullion recovered last year dropped by 14260 z to 87040 z said the managing director (Mr J. H. G. Sandes) in his report The dredge worked 5847 hours compared with 6112 hours the previous year and treated 3.8 m cubic yards (4.0 m cubic yards in 1966).

The net value a cubic yard has been assessed at 5.7 c (6c) and the working cost a cubic yard was 6.43 c (5.7 c