Min. Resource call expected

Press, Volume CXV, Issue 34008, 24 November 1975, Page 23

Min. Resource call expected

N.Z. Press Association)

Mineral Resources (N.Z.), ltd, expects to make a call' on contributory shares before the end of the current: financial year, the chairman; (Dr J. S. Watt) says in the ; annual review of the year toi March 31. It was unlikely that the! call would exceed 4c a! share, and it could be less,: Dr Watt says. The company required the funds to cover the cost of] transfer of the Tui Mine: plant at Te Aroha to Waihi, | and to provide extra work-; ing capital. The company almost! broke even in the previous; year on its Waihi gold and; silver recovery project, but] the directors expressed dis-j appointment at the result.

Sales of bullion were $39,015 compared with $24,958 tn the previous year. Bullion on hand realised $24,186 after balance date. Because operating costs at Waihi rose from $26,540 to $59,302 the company lost $20,287 compared with the previous \ ear’s loss of $1582.

Staff were pre-occupied m sorting out assets acquired from the Norpac Mine. Dr Watt says. Other factors causing’ difficulties were bad weather which prolonged a shutdown at Waihi to install some Tui equipment, and processing i difficulties with some of the ’ scavenged materials from j both Waihi. and Waikino.