Ore reserves increase

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

Ore reserves increase

I ty.Z Press Association J SYDNEY. Drilling at the Yanderal i copper prospect in Papua New Guinea by the Dampier Mining Company, Ltd, a (subsidiary of 8.H.P.. outlined; indicated and inferred ore reserves of 338 m tonnes — an Increase of 138 m tonnes ion earlier estimates. Average grades were 0.42 .per cent copper, 183; grams a tonne Molybdeimun, 0.10 grams a tonne gold and 2.16 grams a tonne silver. B.H.P. decided .last month, after two years lof exploration, not to exerIcise its option to acquire a (controlling interest in Buka i Minerals, N.L., and Triako ! Mines, N.L., which hold a 61 i per cent interest in the Yandera prospect. B.H.P. felt that the prospect was not • sufficiently attractive. The grades, and ore re-! serves were disclosed yester- ' day in the three monthly re-, 'ports of both Buka and (Triako to January- 31. j Earlier estimates of the ; prospect were 200 m tonnes, averaging 0.5 per cent copper,, with “substantial credits” of molybdenum, gold .and silver. The companies are reviewing all data before continuing exploration, the reports state. They do not mention a ; possible successor to B.H.P. i ;as a partner in the prospect.i I The remaining 39 per cent i interest in the prospect is ■ - held by Kennecott, Copper i (Corporation of the United] I States. Lira in trouble The Secretary- of the U.S Treasury (Mr William ' Simon) discussed Italv’s monetary crisis with top I officials on Monday, while ;the lira remained steady in - light trading on foreign exchange markets. The lira I was quoted in Milan as slightly lower against the dollar than on Friday. During the last week, the first; lof official trading after at. > forty-day market closure. . the currency lost four per cent of its value. Informed] I sources said that the state ■ of the lira, the Government’s strategy on market inter-] ventions, and the help the I United States could provide, were top items on the! agenda for Mr Simon’s talks, i I Rupee revalued India has revalued the! rupee upwards by just over! two per cent against the! nound sterling. The Reserve! Bank of India announced in* Bombay on Monday. This is] the third revaluation of the; rupee since September. AI bank release quoted by the! New Indian News Agency,; Samachar, gave the' new’ <pot buying rate as equiva-j lent to 17.70 rupees to the; pound sterling and the seiling rate as 17.80 rupees. The middle_ rate has been fixed! at 17.75 rupees against the; previous rate of 18.1284] rupees. Before the link with! (sterling was broken in Sen-1 tember this rate was 18.60- • rupees to the pound. i