KAWARAU MINING

Evening Star, Issue 21820, 8 September 1934, Page 9

KAWARAU MINING

COMPANY FLOATED IN LONDON CAPITAL OF £450,000 PROPOSED A private cable message received in Wellington from London states that the Kawarau River Gold Company is being floated with a capital of £450,001) in 2s shares, of which 1,400,000 are being allotted on part-payment of purchase consideration. The vendors are the Amalgamated Kawarau Gold Mining Company Ltd., Wellington. The purchase price is stated to be 10,200 and the above-mentioned shares. It is proposed damming the river below the junction of the Arrow River at an estimated cost of £70,000, the engineers named being Messrs Yickermau and Lancaster, of Wellington.

The cable message said it was anticipated that the flotation would be very favourably received in Loudon. Information obtained locally states that the new company proposes to place one large modern dredge on the river. The legal documents for the sale of the Amalgamated Company’s interests were executed in Wellington on Thursday, and, while there is a paucity of information from London, it is expected that an early market will be opened for applications for shares. One of the parent company’s directors is still in London, where he has been engaged for some months placing the proposal before London interests. In addition to the dam below the Arrow, it is proposed ’to erect a power station to generate 2,000 k.w. for mining purposes. The cash price of £10,200 is understood to be given to allow the Amalgamated Company to pay off liabilities arising from the erection of a new dam.