News In Brief

Press, Volume CX, Issue 32210, 31 January 1970, Page 14

News In Brief

Huge Iron Deal

A consortium of seven leading Japanese steel mills yes-terday-signed a formal longranged contract worth more than SUSIOOOm (SNZB93m) to buy iron ore from Hamersley Iron Proprietary, Ltd, of Western Australia. A consortium spokesman said it was the biggest single iron ore deal ever in the world. The Japanese mills will import a total of 112 million tons of iron ore over 15 -years after 1972. Under three previous arrangements, Japanese mills will buy more than 150 million tons of iron ore and pellets from Hamersley over the period up to 1982.—(P.A.)

Comalco Issue The proposed public issue of shares in Comalco—the company which intends to smelt aluminium in Southland—was discussed yesterday between the Cabinet Committee on Comalco, headed by the Deputy Prime Minister (Mr Marshall), and the company’s managing director (Mr D. J. Hibberd). "The general outline of proposals was established," Mr Marshall said, “and both parties will now get down to the consideration of details. These will be announced when agreement has been reached.” Fashions Profit Fashions Holdings, Ltd, the Auckland garment maker, lifted its net profit by 22.7 per cent to $98,837 in the year to November 30, the directors said yesterday. They will recommend a final dividend of 9 per cent, making a steady 15 per cent for the year. It will be payable on February 24; ex dividend on February 25. Wilson Bid It was incorrectly reported on this page yesterday that 68 per cent of the shareholders of Wilsons Cement, Ltd, bad accepted the joint takeover offer by Winstone, Ltd, and Golden Bay Cement, Ltd. The percentage referred .to resolutions at the Golden Bay meeting, not to the Wilsons bid. Giant Purchase Giant Industries, Ltd, has issued 13,500 stock units in part consideration for the purchase of the assets of J. McGill, Ltd, of Whangarei.