Rain hampered gold recovery
PA Auckland ! Rain severely hampered open-cut mining by Mineral Resources (NZ) Ltd, at the Old Martha site at Waihi, and only $22,330 worth of bullion was produced in the year to March 31, compared with $46,529 in the previous year. Site conditions have been improved, and an improvement in ore-supply is ex-1 pected. An improved processing; plant is achieving recovery [ percentages well up to ex- j pectations. Fletcher Holdings, Lid,; has not. taken up its option! over 30 per cent of the; authorised capital: instead, it. ’ has put its advances of; $167,000 under the option [ agreement, plus another j $lOO,OOO in a new company.) Waihi Mining Company, to [ which Mineral Resources ’ has transferred ail its assets and mining rights at Waihi. ! Mineral Resources holds 65 per cent of this joint venture (valued in its balance sheet at $408,384) and Fletcher 35 per cent. Shareholders’ funds are down $4797 to $530,926, despite an increase in capital of $88,336 to $701,031 through calls and the exercise of op-
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Press, 12 November 1977, Page 19
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170Rain hampered gold recovery Press, 12 November 1977, Page 19
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