Pancon. Mining has profit of $17.7M

Press, 20 February 1986, Page 26

Pancon. Mining has profit of $17.7M

NZPA-AAP Sydney Pancontinental Mining, Ltd, recorded a massive boost in net profit to sAustl3.sM (SNZI7.7M from sAustlM (SNZ2.7M) during the six months ended December 31. The increase came mainly from production from its West Australian Paddington gold mine and an increased interest in the Central Queensland and Gregory coking coal joint venture. The group could now be compared to "a phoenix that has risen from the ashes of political stupid-

ity,” the chairman, Mr Tony Grey, said. Directors could consider recommending a maiden dividend on the strength of the group’s full year result which, given a continuation of currency and metal price trends, would see pre-tax earnings for the second half at least equal the group’s latest strong performance, he said. After the development of its rich Jabiluka uranium ore deposit in the Northern Territory was frustrated for political reasons, the group was

forced to revise its strategy and diversify into precious metals. “Accent will continue to be placed on precious metals through the 37 per cent expansion of Paddington, the development, if warranted, of other, gold deposits discovered by the company and an extensive precious metals exploration programme.” Mr Grey said. The group’s latest result was achieved on an increase in total sales to sAustsl.4M (SNZ67.3M) from sAustl9.7M (SNZ2S.BM) previously.