GOLD PRODUCTION

Dominion, Volume 34, Issue 110, 3 February 1941, Page 3

GOLD PRODUCTION

Expansion In Dredging

Gold production in New Zealand in 1940 gives every indication of being well uo to the improved output of ix that total is not actually exceeded, in 1939 a total of 176.3700 z. of gold was exported, while for 1940 the output of 12 of the principal producing companies amounts to approximately 146,00T0z. There are more than a score ot minm,, companies producing gold in the Dominion, and when the final returns, including those of the smaller concerns, are taken into account there is a possibility that the 1939 figure will be exC< The value of the gold exported in 1939 was £1,628.526, this item showing a greater increase than any other, inis was due to lhe enhanced value of the metal and as it did not attain the record price of £B/8/- an ounce sterling (at which level it has been stabilized), til late in 1939. the average price for 1940 should be slightly higher. * For many years the Martha company HVaihi) has been the chief gold producer in New Zealand, but this company s output is now showing a steady decline, due to the gradual exhaustion of the mine The company still occupies pride of place, but offsetting its decline in output is.the new fleet of large dredges now operating in the South Island, where an important expansion of the industry has taken place. Many of these companies are being operated principally by Australian capital, and their numbers are being steadily increased. But for this development, which has been a feature ot the gold-mining industry over the last tew rears, the country’s "old production would have suffered a serious decline. Two of these dredging companies have just issued their returns for 1940. while others calculated from yields periodically published are subject to revision. The results of the principal companies for 1940 are as follows: — / Quartz Mines— oz. Martha (11 months) .. 43.883 Blackwater 22,837 Alexander 1.110 Dredging— Arahura 16.314 ♦Grey Biver 13.516 Kanieri 13,177 ♦Riniu Flat .8,141 Barrytown 8,014 Ngahere .. 5,918 Austral N.Z 5.268 ♦Company's official return. The Ngahere and Austral New Zealand dredges are both new plants. The Ngahere dredge has just completed its first year of operation, while the Austral New Zealand dredge did not commence production till the middle of the year. Its. returns have been consistently good, reaching 14520 z. in October.