Juno Raises Peko Gold Output

Press, Volume CVIII, Issue 31728, 11 July 1968, Page 20

Juno Raises Peko Gold Output

Y7V.Z. Press Assn—Copyright) SYDNEY, July 10. Gold production at PekoWallsend Ltd’s Tennant Creek mines jumped from 33,2380 z to 89,1720 z in 196768, because of initial production from the company’s new Juno mine, widely regarded as the richest gold mine in Australia. Juno was not in production in 1966-67 and was worked for only 36 weeks of 1967-68. During that period it produced concentrates containing 61,1890 z gold and gold bullion. This means that, without Juno, gold production at Tennant Creek would have fallen from 33,2380 z to 27,9830 z.

The average gold grade or ore treated from Juno during the 36 weeks was 84.7dwt a ton—well in excess of the 55dwt grade officially placed on Juno’s reserves. Annual production figures released by Peko’s Queensland subsidiary, Mount Morgan Ltd, reveal gold output for 1967-68 was well down on 1966-67 while copper production also fell. * A fall in grades was predicted by the company last year as it has been working through a relatively poor patch of ore. An improvement in grades is expected in the current year and a further improvement in 1969-70 when the first effects of an extensive reequipment programme will be felt.

Dunlop Bidding For Prestige (N Z Press Assn.—Copyright) SYDNEY, July 10. Dunlop Australia, Ltd. will make a take-over offer to Prestige, Ltd, the directors announced. Dunlop’s terms for the scheme involve alloting a $1 ordinary Dunlop share for every 50c Prestige share to each selling Prestige shareholder. As well as this, there would be a cash payment of 80c for each ordinary stock unit in the capital of Prestige. The offer by Dunlop will remain open for acceptance for ordinary stockholders of Prestige for at least one month from the date of the offer, but in any event, not later than November 25, 1968. No date was given by Dunlop as to when the offer would be made to Prestige.