COPPER MINE PROFIT FELL

Press, Volume CXIV, Issue 33675, 26 October 1974, Page 15

COPPER MINE PROFIT FELL

Cons. Gold to raise tin sales (N.Z. Press Assn—Copyright) SYDNEY. Consolidated Gold Fields I Australia, Ltd, expects the severe fall in copper prices over the last few months to affect materially results from the Gunpowder joint-venture in Queensland. ■ At current copper prices, I Mount Lyell Mining and] Railway, Ltd, could not make a profit, the chairman ] (Sir Brian Massy) said at the annual meeting. However, in spite of the I down-turn in copper prices, I the group was expected tohave a better year than ini the previous period. In the year to June 30, the] group net profit rose from $7,235,677 to $7,279,244. ] During the year, the Lonidon Metal exchange price l I for copper rose to $l4OO a ! ■ tonne, but it is now about $568 a tonne. Preliminary negotiations | with the Japanese over the; possible development of the Marra Mamba iron-ore ] reserves, in Western Austra-i lia, would begin at the end; of the month. “The Marra Mamba ore was of a new type to the Japanese mills and it was receiving increasing attention and recognition as a major source of iron,” Sir Brian Massy said. The benefits of price increases and the devaluations of the Australian dollar were ] unfortunately being rapidly; eroded by continuing, and] increasing inflation, he said. ] Renison, Ltd. was contin-: ■ uing with its expansion pro-] gramme, and the new separ-i tation plant was expected to Ibe in production late this ! year. North-west Acid Pty, Ltd,; lost production since the! I close of the financial year,] because of industrial unresL_ ;