MINING NEWS

New Zealand Herald, Volume LXIX, Issue 21347, 23 November 1932, Page 7

MINING NEWS

LARGER AUSTRALIAN PROFITS

LAKE VIEW AND STAR INCREASE

■ An increase of £181,997 in net profit to £284,115 is reported by Lake View and Star, Limited, a London gold mining company, carrying on operations in Western Australia. The accounts are for the year ended June 30. A sum of £160,256 has been 'written off for special development at the Ivanhoe, Horseshoe, and Chaffers leases, for mine preparation, depreciation of plant and machinery, and shaft-sink-ing. Provision for Australian taxation requires £3500, and £IOO,OOO has been allocated to reserve. With £11,197 brought forward, £31,526 is carried forward

WILUNA OPERATIONS

FIGURES FOR OCTOBER

Wiluna Gold Corporation, Limited (Western Australia), treated 28,105 tons for a sale value yield of £61,887 (excluding British premium), in October. The respective figures for the previous month were 28,339 tons and £58,419. Additional figures compare with September as follows:—Costs (Australian currency). £29,126 (£29,283); estimated working surplus, £32,761 (£29,136); development and exploration. ' £9336 (£9808); construction, etc., £8623 (£6521).

VICTORIA'S GOLD YIELD

SEPTEMBER RETURNS HIGHER

The gold yield in Victoria during September was 3736 line ounces, valued at £22,166, at the London average price for that month, compared with the return for September, 1931, of 3584 ounces. The return for the nine months ended September was 29,219 ounces, valued at £169,070, a decrease of 606 ounces compared with the yield for the corresponding period of 1931.

BULOLO GOLD DREDGING

FIRST YIELD OF NO. 2 DREDGE

The first return of No. 2 dredge of Bulolo Gold Dredging, Limited, New Guinea, is included in the latest production returns of the company for the four weeks ended November 7. Details are as follows:—No. 1 dredge, cubic yards, 226.400; ounces, 4555; value gold basis (par), £12,597; Australian currency, £23,546. No. 2 dredge, cubic yards, 41,800; ounces, 836; value, gold basis (par), £2322; Australian currency, £4324. Totals, cubic yards, 268,200; ounces, 5371; value gold basis (par), £14,919; Australian Currency, £27,870. Accounts of Bulolo Gold Dredging, Limited, for the year ended May 31 are given in Canadian dollars, just oyer three of which are equal to the New Zealand pound. An operating surplus of 138,583 dollars is shown. Tho company's No. 1 dredge began working on March 21, and to tiie end of the period it recovered 10,442 ounces of bullion, valued at 107,795 dollars (equal to 143,363 gold dollars, or 29,497 sovereigns). After providing for incorporation expenses, interest on the balance of property purchase consideration, and for depreciation, the profit and loss account credit balance is 108,658 dollars. The balance-sheet shows a capital of 3 695,000 dollars, and reserves, including share premiums of 115,027 dollars, are 131,229 dollars.

REPORTS OF MANAGERS

Talisman Dubbo (Ivarangahake).—The drive at No. 1 Talisman level has been extended 6ft. for the three days worked there. A better class of country is coming in and a formation Ift. wide has been cut; it shows a little gold in the dish. We started on Thursday to pick up the Dubbo level where the .water coming through has caused the level to collapse. Part of the fall is quartz and is being paddocked as payable ore; the reef here is 7ft. 6in. wide.