MINING AMD DREDGING

Evening Post, Volume CXVI, Issue 29, 3 August 1933, Page 14

MINING AMD DREDGING

BLACKWATER ACTIVITIES

(From "Tho Post's" Representative.) LOXDON1, Jimo 29. "Mr. A. L. Fo>'lur pix-Hiiloit on June 28 ;it tlio twiMily-nixtli iNiiiual gc no I'ill meeting of tlio Illackwiilur Mines, Limited. Ho Minted that tliu biiliuu'o for tho year on prolit iinil lowj nmiiinl, nunicly .CM,7a.'). allowed tlio directors to rcvuuiiticnd (lie piiymcnt of a liiuil dividend of Im Oil per shiiro. free of lii.\, milking with tlio interim dividend, v total distribution for tlio your <if in (Id pur share, IYihi of tux. und to cany forwnrtl to thin yei\r .C M,i)Ul), n^uiiml :i mini of .CDDOLI brought in. "At, tlio iii'c'ML'iili time," Mr, KoNtw proceeded, "wo nre expending n considerable imiumit on additional plutit, with tin; oh' joct of enlarging our oporniiolis, reducing i'ohlm of working, mid Kcucnilly improving I ho ollleieiiey of the ininu; tlio portion of Huh jilmit him to bu pit ill for in Kngltind, m) Unit in addition to tlie ordinar.v tui'ilV duties iiayablo on limdiny; in .Sew Jii'iiland, it iniw also to bi.'iir (lie cNporl. duly on the jfoKI shipped (o provide the proceeds for its payment. Ah Mono of (his plant could bo niaiiiifactnred in New Zeilltilid, Die Ummr. of tho funds minimi for its payment hy this method suemw Homewhnt unfair." JJcl'orring (j) (lie results of the cohip<iii.v'h oporalioiiH during the past year, ho continued: For the purpose of comparison, mid busing our calculations on what wn« onco knowu as the standard value of gold, the recovery of 4(Ja Od per ton milled during 1032 shows (in increase of Ss 2d over the corresponding figure for 1031, which was 3Ss 4d per ton milled. This is v vory satisfactory increase, and, as the recovery lor 1931 also showed an incroiisjo of 4s 3d per ton over its preceding year, tbu past year's figures are alt the more pleasing. Working costs at 32s OVkl (New Zealand currency) per ton milled were somewhat higher. The average price realised for the company's gold last year was Utte Id per ounce tine. l('or the current year an average of. 121s 4d per ounce had been realised. GRADE IMPROVEMENT. The year's working,shows a very satisfactory result, and is all the more encouraging because this increase! bus not been due solely, as in the case of many gold mining companies, at tho present time, to the increased price reuliscd for gold, but to quite a considerable extent to tho improvement in grade of ore disclosed in do- j vclopment and sent to the mill. The posi-1 tioii ut date in. regard to tho developments in the mine you will be pleased to learn is equally satisfactory and has closely followed, and, indeed, exceeded in importance, the expectation of the management. Up to the present the mine has been worked through the main shaft, situated towards the southern end of the property, but owing to tho strike of tho ore-body being to the north the distance to be crosscut from the shaft to the lino of the reef, as well as the footage to be then driven to intersect the reef, lias proportionately increased with each level sunk to in the shaft. The' workings for the mining of the ore have, therefore, moved steadily towards the northern end. of tho property until in «ome of the lower levels places were worked at nearly 3000 ft distant from the shaft. RESULT AT DEPTH. Especial interest attaches at present to ] the opening up of the lowest, or No. 12, level in the mine, and latest advices by cable fully confirm the favourable developments in this level already published. According to these advices, the ore-body known as the Hughes Block, xipon which the company has been driving in this level, has now 'extended for a total length of 4S4ft of which the last 400 ft averaged lodwts over a width of 2%ft, and what is of very great importance is that, whereas in the level above—that is, the No. 11 level—this block of ore existed for only 305 ft, it lias increased in length in the No. 12 to 484 ft. In a recent letter from Mr. Spencer in reply to an inquiry made by the board as to the advisability of sinking a winze from tho No. 12 level, on the Hughes Block, in order to prove the continuance of the reef down to the next, or No. 13 level, he wrote: "We do not consider it necessary to sink below Hughes's Block before opening the next level; this block ou No. 12 has developed so well—in fact, so much better than anticipated—that wo can confidently look forward to the next level j opening up a vast tonnage," and ends rip by saying: "Wo are so certain that the ore-body exists far below ttie level of No. 13 that we think this may be accepted as 'fact without reservation.' " Such a statement, said the chairman, was very important and carried the greatest weight. The chairman concluded by moving the adoption of the report. Mr. L. Ehrlich, in- seconding the motion, emphasised the fact that the mine was developing better than ever. Its working, he said, was now rendered easier by a more adequate supply of labour, and they also had the advantage of the enhanced price of gold, although the latter advantage was offset, to some extent, by tho taxation imposed by the New Zealand Government. The report was unanimously adopted, and the dividend, as recommended, was declared. The proceedings closed with a vote of thanks to the chairman and directors and to the manager and staff in New Zealand. CONSOLIDATED GOLDFIELDS. Jlr. A. L. Foster also presided at the meeting of Consolidated Goldfields. He I said that their large shareholding in the! Blaekwater Mines, Ltd., constituted their main asset. Due to the higher price now ruling for gold and also to a considerable extent to the greatly improved values since disclosed in the lower workings of the JJlackwater Mine, the company's position had greatly improved. Their net ] profit for the year was £16,832, which, ] added to the balance brought forward from the previous year, £13,384, gave a total of £30,217 available for appropriation. Out of tliis two dividends had been paid—namely, 9d per share on July 27 last and 6d per share on December 31 last both free of tax. ' ' Tho present intention of the board was rather to remain as a holding company, their chief interest being the shares in■' the Blackwater Mines, but should a favourable opportunity offer, they might acquire other outside interests, or further develop ttie ground they already had. He wished to state, however, that they would not part with their interest in the Blackwater Mines, as they regarded their holding in that company as being in the nature ot^ a more or less permanent investment j llig report and accounts and tho declaration of the interim dividend of Od per share, free of tax, in respect of the current year were unanimously adopted