Commercial news in brief
Mogul prospect
Mogul Mining N.L., has encountered significant base metal and precious metal minerailsation in several percussion drill holes on the Coondamar Creek prospect in the Pilbara region of Western Australia, the directors said. Copper, lead, and zinc values in excess of 1 per cent have been determined, along with silver values in excess of 1 oz dst and gold values in excess of one dwt/ dst. Exploration expenditure during the three months to September 30 was $43,424. Melbourne record
Trading in industrial shares on the Melbourne Stock Exchange for the year to June 30 increased by 57 per cent to the record figure of s6lsm, the annual report of the exchange discloses. The gain, however, was offset by a fall of 59 per cent in the value of mining turnover to $244m, the lowest since 1967. The volume of share turnover was down 271 m, but sales of loan securities increased 122 m and the value of all turnover was $3 Im greater. The number of individual transactions fell by 36 per cent to 588,00.
Tin production
Bamboo Creek Gold Mine®, N.L., has started tin production through its subsidiary, Yule River Mining Pty, Ltd, at Friendly Creek in Western Australia. Since the newly constructed treatment plant began operating on July 1, a total of 44,192 tons of concentrate with a net value of $8433 has been shipped to buyers. In the 10 weeks to September 12, a total of 4133 cubic yards of material was treated for a recovery of 10,3121 b of tin concentrates with an average recovery grade of 2.501 b per yard. Exploration costs of Bamboo Creek for the three months totalled $1325.
Rich gold discovery
Two Aboriginal prospectors have discovered radioactive ore containing rich gold assays on a remote sheep station about 200 miles northeast of Canarvon, in Western Australia. Laboratory assays have shown that the ore contains up to 44.50 z a ton, and is regarded by some geologists as one of the richest in Australia for several years. Messrs Owen Dingo, aged 49, and Jim Edney, aged 46, have been prospecting for many years, and hope to negotiate with mining companies for a possible joint venture. The gold and radioactive mineralisation has a strike length of two miles with a width of 400 yards to 500 yards.
ILS. trade deficit The foreign trade deficit of the United States widened in September, after two months of improvements. At a seasonally adjusted SUSSI3.2m, last month’s excess of imports over exports exceeded the $462.6m deficit in August, and was the twelfth consecutive month of red ink since a surplus of $267.6m in September, 1971, the Commerce Department reported. The latest deficit resulted from a decline in exports, combined with a slight rise in imports. Exports fell by 1.1 per cent to a reasonably adjusted $4160 million last month from $4200m in August, while imports rose by slom to $4670m.
WA. wheat production
Western Australian wheat producers are unlikely to meet quota requirements this year because of severe drought conditions during the last few months. The chairman of the West Australian wheat quota committee (Mr J. Clayton) said that the latest estimate predicted about 75m bushels could be produced—2lm below the state quota of 96m bushels. “We have about Um bushels in the bag, making 86m but we will still be short,” he said. Most drought damage was done in September and October where no rain fell in some parts of the belt which has an average rainfall of 15in a year, and has so far had only 6in.
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Bibliographic details
Press, Volume CXII, Issue 33068, 8 November 1972, Page 25
Word Count
596Commercial news in brief Press, Volume CXII, Issue 33068, 8 November 1972, Page 25
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