Amoil expects $150,000 loss

Press, Volume CXVI, Issue 34099, 11 March 1976, Page 15

Amoil expects $150,000 loss

A moil N.Z., Ltd. expects to make a net lo~s of $150,000 in the year to March 31. which is higher than budgeted estimates, the directors say in a half-yearly report.

The mining income of) Amc.' N Z Ltd, slightly eat- ; ceeded the exploration expenditure of $24,681 in the six months -o September 30. i the directors say in a haifvearty report. The exploration ex- < pendtture figure includes AtnoiTs 25 per cent share of; the expenditure of Gold! Mines of New Zealand, Ltd. • Expenditure on the Kanieri dredge reconstruction ‘ continued with $136,389being incurred and capital-I •sed during this period. Total! expenditure • capitalised toj September 30 was $322.79b. and the recovery of this! amount was contingent upon the future working of the], dredge on the lower Tara- , makau area, the directors-' The recent tai. in the world go’.d price, and the. impact of inflation or. • dredge working costs were of some concern. Research on the efficiency i of the gold recovery systems; has indicated that improve-! ments can be achieved, and; it is be reved that these irn-i provements can offset the detrimental effect of lower ; price realisations and higher costs. The final result will be subject to a number of con-; tingencies in respect of both; income and expenditure. • which cannot be fully re-: solved until the Kanieri 1 dredge is again working on

the full site tn June of this year. The annual report and accounts should also be available at that time ano will contain a full review of progress to date,” the directors say.