Con. Silver proposes winding-up
PA Auckland Shareholders in The Consolidated Silver Mining Company of N.Z. Ltd, are being given the choice of winding the company up or reducing its ordinary capital, and taking-up preference shares. These alternatives are offered by the chairman (Mr W. N. White) in the report on the year to August 31, 1977. The granting of prospecting licences for rutile, and
related minerals in the beachsands near Milford Sound seems impossible until the Mining Act is amended, Mr White says. Applications for licences to mine rutile in Fiordland have been formally declined. Applications lodged with a request that the department defer processing them until such time as the act is changed, were also declined.
The balance sheet shows a deficiency in shareholders’ funds of $15,795, but Mr White points out that buildings, mill, laboratory equipment, and plant at Maratoto were independently valued at $196,250 in May, 1977. These assets have been writ-ten-off-in the accounts. '
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Press, 5 July 1978, Page 18
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157Con. Silver proposes winding-up Press, 5 July 1978, Page 18
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