Gold price will assist Peko

Press, Volume CXIII, Issue 33277, 14 July 1973, Page 13

Gold price will assist Peko

Copper will give substantially greater support to gold in Peko-Wallsend Ltd’s! 1972-73 group net profit, due| to be announced next month.; The growth in the profit from last year’s $7.9m will hinge on how Peko weathered the mid-February de facto; 11.1 per cent appreciation of the Australian dollar, and whether its metal sales have been in line with production trends. For the December half of 1972-73, the company lifted its profits by 9.3 per cent to $3.6m, but warned that the December revaluation could slash nearly slm off the full year’s result. The interim report was made before the February United States dollar devaluation. Output figures issued yesterday for the full year to the end of June show that in the latest six months, production of copper was substantially higher, but that of gold was substantially down The rise in the price of copper reflects a solution of; the commissioning problems afflicting the new Mt Morgan flash smelter. The fall in gold results partly from declining yields from the Juno Mine at Tennant Creek.