B.H.P. STEEL OUTPUT UP

Press, Volume CVIII, Issue 31761, 19 August 1968, Page 10

B.H.P. STEEL OUTPUT UP

Little Progress With Nickel (N.Z. Press Assn.—Copyright) MELBOURNE, Aug. 18. Production of steel and marketable products by the Broken Hill Proprietary, Ltd, rose to record levels in the year to May 31, directors said. The group profit rose $4,456,000, or 10.5 per cent, to $47,219,000 after providing $5,327,000 more for depreciation at $80,507,000 and $5,965,000 less for tax at $26,345,000. As announced, the dividend for the year is raised from 9 1-3 to 9} per cent.

The rise in steel and marketable products was in spite of adverse economic conditions resulting from the recent wide-spread drought, says the managing director (Sir lan McLennan). Nickel Exploration

The nickel exploration, in partnership with International Nickel Company, which is the world’s largest nickel group, has not met with any great success.

In Western Australia the partnership has discovered a number of occurrences of nickel sulphide. However, drilling of these has not yet outlined any commercial deposit. Substantial quantities of nickel laterites in several scattered deposits have been confirmed at Rockampton, and the possibilities of economic development of these finds is being investigated. Not Encouraging

However, the prospects of an early development of the deposits are not encouraging, he adds.

B.H.P. has revalued its main assets by $105,159,000, making the long-standing assets revaluation reserve $305.1m.