Receiver lias hopes for JBL Minerals

Press, Volume CXIV, Issue 33452, 6 February 1974, Page 13

Receiver lias hopes for JBL Minerals

(Xcto Zealand Press Association) AUCKLAND, February 5. A 64,000-acre iron-sand deposit on the west coast near Palmerston North, and a substantial offshore phosphorite prospect might prove to be of major significance to J.B.L. Minerals, Ltd, the Government receiver for the J.B.L. group (Mr D. L. Hazard), says in a report to shareholders.

Negotiations are being held to attract outside financial and technical assistance to develope the phosphorite area and other mineral prospects held by the company Mr Hazard says. The other prospects include potential gold and silver areas in the Coromandel, and a gold-silver-molybde-num-copper prospect at! Mount Radiant near Nelson. “While no prospects have as yet produced a commercial venture or matured to the point of attracting a substantial mining partner either for more extensive exploration or for development, work carried out to this date has produced ai number of areas that war-; rant further expenditure,” Mr Hazard says. “Although the Government; has placed an embargo upon l

the export of ironsand, any: proposal for some reason-! able measure of local processing would, I am sure, be given encouragement, and a great deal of work has been done to this end. “The prospect is necessarily long term, but could have real possibilities.” The other major JBL Minerals area is the ! phosphorite deposit. “In view of the import- : ance of fertiliser to New Zealand, the diminishing resources at Nauru Island, this might be of major sign-; ificance. “However, considerable re-, search has yet to be carried! out, and explanatory dis-! icussions have been “opened; with substantial companies, 'with a view to establishing; a consortium to develop the! project further,” Mr Hazard s 'says. l