MINING AND OIL REPORT

Press, Volume CX, Issue 32213, 4 February 1970, Page 23

MINING AND OIL REPORT

Metals Exploration Metals Exploration N.L. has reported assays of 6.4 per cent nickel over a true width of 7.5 ft at its Nepean mine, south of Coolgardie. Nepean,' at which the company is an: equal partner with the United States Freeport Sulphur, last month became Australia’s second nickel producer.—(RA.)? Consol. Rutile Consolidated Rutile, Ltd,; reported an unaudited profit\ of $1,058,113 for the half-year to December 31. compared! with $164,414 the year before, j No provision for income tax! was necessary. The company! will pay its first ordinary dividend as an interim dividend of 3 per cent.—(P.A.). Cudgen Issue Cudgen RZ, Ltd, has an-j nounced a new issue of 2.5 m! ordinary shares of 50c each' at a premium of 50c, in the ratio of one for four. The!

'directors expect to maintain | the current rate of dividend ; i on the increased capital.— rl (PA). 1! Offshore Oil i{ Offshore Oil N.L. has acI quired options over two mint eral claims in the Mount Clif- • ford area of Western Austra- . lia, and three claims in the; I Norseman area of Western! \ Australia. Kanieri Gold • The gold dredge Kanieri, I! working in the Taramakau. recovered 5990 z of bullion during January, from 274,000 • yards of spoil worked in 499 | hours.—(F.O.O.R.). Delta Minerals Delta Minerals, N.L., the ! minerals offshoot of Omega i Oil N.L., plans to raise 1.3 m for minerals exploration, 1 'from its issue of shares and!l options to holders of Omega ’ 'shares and options, the direc- l

tors say in the prospectus. Entitlement to the issue—reserved exclusively for Omega holders —will be on the basis of one 20c Delta share paid to 10c plus one option for each two shares and/or options in Omega.

Joint Venture ! Consolidated Rutile, Ltd, and Cudgen HZ, Ltd. proposes j to join in a joint exploration [company which will prospect as yet unexplored areas held by these companies and their subsidiaries, with a view to earning a 50 per cent interest in minerals found in such areas. Initial work will take place on North Stradbroke Island, off the Queensland Coast.—(P.A.). Copper Contract Surveys and Mining, Ltd. has signed a S2oom contract to supply copper concentrates to Japan over a period of 10 (years. Non-ferrous Metals A leading Canadian geophysicist, Dr F. S. Grant, has said that the world’s consumption of non-ferrous metals—especially copper, nickel, lead and zinc—is rising so rapidly that known reserves are likely to be exhausted within 20 years. Metals <N.Z. Press Assn—Copyright) LONDON, February 2. Buyers Sellers £ £

a ton a ton Copper . 678.50 679.00 Tin .. 1570.00 1575.00 Lead .. 136.50 137.00 [Zinc .. 125.00 125.50