Kaur ex project

Press, 31 January 1986, Page 11

Kaur ex project

PA Wellington Kaurex Corporation, Ltd, the resin and wax producer which listed last September, has reported a net operating loss of $319,799 ($133,357) before an extraordinary expense for the year ended September 30.

Turnover for both years was nil and the extras ordinary item was $83,810 (nil). An export market development tax incentive contributed $28,449 (nil), for a total net development expenditure of $375,160 ($133,357).

The chairman, Sir George Chapman, said Kaurex’s successful public share issue had provided funds for it to proceed with its new peat extraction project to produce resins and waxes for export.

The company’s site (27km north of Kaitaia) has been prepared for construction of the main plant and support facilities.

Peat handling and

drying zones, draining systems, site roads and fire control ponds had been completed to schedule. Purchasing of plant and equipment was well advanced to dovetail with the site construction, he said.

Sir George said the D.S.I.R. was extracting peat for market product applications testing to be conducted by Kaurex’s United Kingdom technical consultants. “The success of this campaign will expand the application range and support the marketing of the products when production is scheduled by September 1986,” Sir George said.