J/Z Lyell Dividend Totals 60 p.c.

Press, Volume CX, Issue 32361, 29 July 1970, Page 21

J/Z Lyell Dividend Totals 60 p.c.

(N.Z. Press Association— Copyright!

SYDNEY, July 28. Mount Lyell Mining and Railway Company, Ltd, will pay a final dividend of 50 per cent, making 60 per cent for the year to June 30, the directors announced in a preliminary report.

The dividend, which is payable on September 17, compares with a total dividend of 25 per cent last year. The net profit more than doubled, from $2,719,902 to

$5,678,838, after $1,866,371 more for tax at $3,416,671, and $628,881 more for depreciation at $1,479,758. The directors said that a total of 2,132,959 (2,269,625) tons of ore were milled during the year, averaging 0.975 (0.8) per cent copper. Concentrates produced totalled 70,716 (60,456) tons averaging . 26.5 (27.05) per cent copper. Recoverable metals in concentrates totalled 17,950 (15,513) tons of copper, 11,321 (9542) ounces of gold and 86,734 (75,476) ounces of silver.

Recovery At T. Jones The unaudited group net profit of Turnbull and Jones, Ltd, recovered from $13,246 to $69,424 in the year to March 31, according to a preliminary report . The profit is the best since 1967, but. still falls considerably below the $160,246 earned in 1965. At the annual meeting on September 10, the directors will recommend to shareholders the payment of a 5) per cent dividend on both ordinary and preference shares.