SCHEELITE INDUSTRY

Hokitika Guardian, 1 October 1929, Page 5

SCHEELITE INDUSTRY

A; REVIVAL. , The : formation '/'of - a Christchurch company, has:'- been practically completed .to develop . the <; Golden Point : scheelite claim at. Macraes,. Otago. - This plaim .was in operation >from the middle ‘ 901 s voL last century,;, until i about '4.920/ when the ’ release of i stocks held by the British- iGovernmerit caus-. ed: a slump in prices and /the mine olosed down. .Up - till . that time it i was the principal source. ?of ; scheelite supply-in New’ Zealand, 'and brought' the original owners handsome returns. ,- ~.w ' i r‘,\ .- '•

Now that the value of scheelite has taken a big advance, the time is considered opportune to re-open the mine. Last January- the mineral was quoted at £7O a ton in New’ York. In April the price advanced to £l2O, and New York advice recently was', to the effect that in June.the, value was £2lO c.i.f.

The principal uses to which the metal, has been put are the hardening of steel, and the construction of electrio light) filaments, but the . purposes are extending in sympathy with the need for light and durable constructions. .i

Prior to the war, Germany was the principal buyer of the metal, but America is now the main outlet. Next to-the Macraes reefs': the. mopt jmpor-; tnnt in the Dominion: arc located a Glenorchy, at the head of Lake Wakatipu, where operations are also about to recommence, whilst there is also a deposit in the Nelson province which was successfully' worked a few . years ago. ' ; / ' 1