Mt Lyell Plans Share Split, New Issue
(N Z. Press Association—Copyright) MELBOURNE, August 27.
The directors of the Mount Lyell Mining and Railway Company, Ltd, plan to split the company’s 50c shares into 25c units to allow for a previously forecast new issue.
The company will also seek approval to lift authorised capital by $4.07m to slom. The company’s balancesheet, released yesterday, shows that metal reserves have jumped from 16.6 to 41.8 m tons, with copper grade up from 1.026 to 1.4 per cent copper.
The rise in reserves is because of a definition of 26.6 tons assaying 1.46 per cent copper below the final bottom of the West Lyell open cut and of a new ore body on the western flank of Mt Lyell. Directors say the Cape Horn ore body at West Mt Lyell Is indicated to contain 3.4 m tons of ore at a grade of 2 per cent copper. A month ago directors announced plans for a s3om expansion plan designed to increase copper production to 25,000 tons a year by 1973 (ore treated in 1967-68 totalled 2.2 m tons).
The programme involves development of major underground mines, production from which will supplement and eventually replace production from the open cut
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Bibliographic details
Press, Volume CVIII, Issue 31769, 28 August 1968, Page 20
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205Mt Lyell Plans Share Split, New Issue Press, Volume CVIII, Issue 31769, 28 August 1968, Page 20
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