C.R.A. Report Short Of Expectations

Press, Volume CVIII, Issue 31771, 30 August 1968, Page 14

C.R.A. Report Short Of Expectations

(N.Z. Press Association—Copyright) LONDON, August 28,

Shares in three mining companies fell sharply on the London Stock Exchange-today after the statement from Conzinc Riotinto of Australia, the “Financial Times” reported.

The eagerly awaited halfyear statement from the company fell far short of recent market expectations, the paper said. Disappointment with the lack of any go-ahead decision or tonnage estimates for the Widgiemooltha - Higginsville nickel project lowered the prices. C.R.A. fell 10s to 210 s. Nickel Reports

The statement said that in Western Australia, C.R.A.Anaconda - New B.H. had achieved best results at Higginsville. Over a length of 1300 ft and to a maximum vertical depth of 550 ft the drilling results continued to be “substantially as indicated in the statement of May 29.” On May 29, directors disclosed 2 per cent to 11 per cent nickel over widths of two to 10 feet Equity in the Higginsville area is held 60 per cent by Anaconda and 40 per cent by C.R.A.-New B.H. Bougainville Copper

An investment of s2som may be needed to develop an indicated 900 m tons of lowgrade copper ores at Bougainville. Directors say the deposits have an estimated 500 m tons of ore assaying an average grade of 0.51 per cent copper and 9.4 pennyweights gold to the ton.

In addition, drilling had indicated an additional 400 m tons of lower grade ores. Underground ore grade testing was progressing satisfactorily and pilot plant metal-

lurgical studies were under way.

Laboratory tests had indicated satisfactory gold and copper recoveries could be obtained from the ore.

It was hoped to produce 120,000 tons of copper in concentrate each year. Bougainville output would exceed the production of all copper mines now operating in Australia. Hamersley, Comalco Hamersley Iron Pty, Ltd, had a total of 162.2 m tons of iron ore and products in forward contracts. A capacity of 10m tons had now been attained and expansion would ensure output capacity should reach 17m tons in 1969 Bauxite sales by Comalco Industries Pty, Ltd, (50 per cent owned by C.R.A.) showed a marked increase in the first half of 1968.

The capacity of Weipa was being extended from the present 3m tons a year mark to round 7m tons a year.