Gold mining suspended
J — / (JV Z, Press Association) t HAMILTON, January 14. j Gold and silver production /has stopped at the Maratoto mine of Consolidated Silver 1 Mining Company, Ltd. , ■ The general manager (Mr W. R. Sparrow) confirmed ; from Auckland today that 16 of the mines 24 employees had been laid off. Some would remain to extract material for Coromandel . Rock Products, which is /owned by Consolidated SilHver. This industry, employing ' 15, is- a major supplier of ' decorative aggregates to the I building industry. The mine, which was : started as a pilot project, held about two years supply of ore on present production -■rates.
Mining had proved feasible, ’but had to be on a bigger j scale to be profitable. “If other reserves are found in the area then we can come back and make it ■ worthwhile,” the chairman (Mr W. N. White) said. “Another factor which influenced our decision was the New Zealand dollar revaluation, which cut 10 per cent off the price of gold,” he said.
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Bibliographic details
Press, Volume CXIV, Issue 33433, 15 January 1974, Page 15
Word Count
168Gold mining suspended Press, Volume CXIV, Issue 33433, 15 January 1974, Page 15
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