MOUNT LYELL MINING CO.

New Zealand Herald, Volume XLIV, Issue 13497, 25 May 1907, Page 3

MOUNT LYELL MINING CO.

The half-yearly report of the Mount Lyell Mining Company states that during the six months ended March 31 - the output was 139,647 i: tons, ' or /an excess of 6157 tons over the previous six months; but showing a falling off in metallic contents, the average for the period beingV Copper, 0.77 per cent.-silver, 1.7950; gold, 0.065 m.' The output of ore from the North .Mount Lyell mine was the, largest quantity broken during any six months, being 62,331 tons, but of somewhat lower copper contents than during the previous half-yearly' period. The general manager estimated the reserves of ore in the North Mount Lyell and Lyell Thai-sis mines at the end of the half-year at 356,464 tons; and compared with the estimate given in the preceding half-yearly report, these figures, including ore extracted in the meantime, represent an accession of 96,605 tons for the half year. At ' the reduction works the ore treated for -the period was 206,741 tons." Notwithstanding the somewhat increased tonnage of ore treated during the period, as compared with that during . the previous six months, the failing ''off in grade has naturally affected the output of blister copper, which was 3839 tons, as against 4491 tons for the preceding period, the metallic contents being Coppe- 3796 tons, silver 335,3720zj gold 10,1150z. The cost per ton of ~ ore in producing blister copper was 14s 4.97 d, being Is 5.48 d ! per ton of ore less than the cost for the previous six months. Though the quantity of copper obtained is less, the higher prices ruling for the metal have ; enabled the company to show; the largest profit yet earned.' The net profit is £264,935 12s 3d, after writing off £18,614 19s 7d for prospecting and development not debited, and £11,410 for depreciation. Out of the profits the sum of £195,000, representing a dividend of Is 3d, and bonus of 2s, has been paid, and the sums of £25,000 and £3300 have been carried to reserve fund and fire insurance fund respectively. The average price obtained by the company for its copper has been £106'9s 3d, and advices received indicate the maintenance of remunerative prices. •". » . . ,-