Loading Tests At Mt Newman

Press, Volume CIX, Issue 31941, 19 March 1969, Page 16

Loading Tests At Mt Newman

(N.Z. Press Assn.—Copyright) PERTH, March 18.

Testing of the Mount Newman project’s ship-loading equipment began today with the arrival at Port Hedland of the 35,000-ton bulk carrier Iron Cavalier.

The equipment is part of a slB9m first phase; more than 5m tons of iron ore will be shipped from Port Hedland this year. The ore at present being loaded will go to Australian mills, but if these tests are successful, the first shipment of ore to Japanese steel mills should begin in about two weeks. The 670 ft Iron Cavalier is under charter to 8.H.P., which has a 30 per cent interest in Mt Newman though its subsidiary, Dampier Mining Company, Ltd.

B.H.P. Appeal Dismissed (NZ-PA .-Reuter-*- Copyright) LONDON, March 18. The Judical Committee of the Privy Council yesterday dismissed an appeal by Broken Hill Pty Company, Ltd, and its wholly-owned subsidiary, Australian Iron and Steel Pty Company, Ltd, from a valuation decision affecting land at Port Kembla, N.S.W. B.H.P. transferred the land, which comprised a large part of their steel works, to the subsidiary company in 1960 for $27,198,656. For stamp duty purposes the Valuer-Gen-eral valued the property at sloom. Involved in the Privy Council appeal was extra stamp duty of $910,000, represented by the difference between the price paid and the valuation.