Min Res plan
PA Auckland The directors of Mineral Resources (NZ) Ltd are considering assigning to an Australian listed company that part of the company’s nonalluvial gold properties which are not subject to joint ventures. The chairman, Mr H. D. Kennedy, told shareholders at the annual meeting yesterday that, in return Mineral Resources would receive a substantial share equity in the unnamed company. Such a move, he said, would give Mineral Resources indirect involvement
with the activities of the Australian company while freeing the company from obligations to fund exploration of the projects. Mr Kennedy said this would enable Mineral Resources to devote nearly all its cash to development of its Martha Hill projects.
He reaffirmed the directors’ confidence that the Martha Hill project would be granted a mining licence early next year. Alluvial gold reserve on the West Coast, over which mining applications had been made, were particularly valuable assets, said Mr Kennedy.
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Press, 30 August 1986, Page 23
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154Min Res plan Press, 30 August 1986, Page 23
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