Q’land deficit mounts
(N.Z. Press Assn—Copyright) SYDNEY.
Queensland Mines, Ltd, had a net operating deficit for the six months to June 30 of $337,658.
One of the largest items of expense was $72,645 paid in interest on loans advanced by Kathleen Investments, Ltd, which owns 50 per cent of Queensland Mines. Exploration expenditure was down sharply from $495,000 for the full 1973 year to $44,911 for the first six months of the current year.
The reduced rate of exploration at the company’s Nabarlek uranium leases was after a request from the aboriginal community for the company to scale down its activities.
The latest deficit raises the company’s total carried forward deficit to sB.6m. Queensland Mines announced last week that it is to raise $824,000 cash from an underwritten two-for-five rights issue at 50c. Kathleen Investments is taking up its share of the issue, but will not be subscribing cash. Instead, its loan of sl.sm will be reduced by $824,000.
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Bibliographic details
Press, Volume CXIV, Issue 33700, 25 November 1974, Page 21
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159Q’land deficit mounts Press, Volume CXIV, Issue 33700, 25 November 1974, Page 21
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