WAIHI GOLD MINES.

Hokitika Guardian, 7 May 1924, Page 1

WAIHI GOLD MINES.

THE PRESENT POSITION

AUCKLAND. Alay d,

The mining situation at AYaibi was epitomised liv Mr \V. H. Hopkins, attorney to the AA'aibi Gold Alining Company, in the witness box of the Arbitration Court.

“In 11J10,” said Air Hopkins, “the AYaibi and AYailii Grand Junction Companies entered upon a zone -of country which fell below the values we bad bad in higher levels. That state of affairs, unfortunately, litis not, begun to alter.” Air Justice Frazer: A’oii have not yet got hold of Alt' Alorgan’s new country:' There is no sign of that yet ? Air Hopkins :Not yet. In the tic ultimo the AVaili! Company is spending from (120.00(1 to £-M),(X)0 a year trying to find tt new mine at a depth. Air Justice Frazer: How deep was it that Mr Alorgan said you would have to go?—2000 feet.

And you are now down 180!) feet? Ycp.

Witness was urging this mining situation tis ti reason why the ciq,'-lie-drivers should not press the companies too heavily in respect to wages, its it wtts in the general interest that the companies should press forward their prospecting work. It was, be added, fortunate that the AA'aibi Comp' iy laid accumulated valuable reserves, which had helped it to carry on. In further explanation of tho company’s policy Alt' llopkius said it had now a better margin between extraction costs than il hud hist year.

In further explanation of the company’s policy Air Hopkins said it laid in the mine the nucleus of fairly good ore. with from 21s to C 72 Ins a ton. The company crushed with tt nargin of profit over working costs and standing costs. Then on top of it the company piled low-grade ore that would just stand the cost of being sent to the battery, Mr Justice Frazer suggested that when the German reparation question was settled and the gold premium disappeared there must cotno a point when the company would have, to cut out more and more of that lew-grace ore. Mr Hopkins admitted that the dropping of the gold premium would hit the company very heavily. 1 hey did not view the gold premium its nnyting they could reckon on.