MINING NEWS
TRANSVAAL GO-D RECORD The value of the gold output of the Transvaal was a record in August at £6,084,841- This was due to the valuation of the gold at 138s an ounce. The output for August amounted to 881,861 fine ounces, compared with 876,094 ounces for the previous month and with 934,714 ounces for August, 1933. The production is much lower than the levels reached in 1932 before the suppension of the gold standard, 991,322 \ ounces having been obtained in August of that year. If the production for August, 1932, is calculated on the basis of 138s an ounce its value is nearly £700,000 better than that of last month. This comparison emphasises the effect of th'e application tff the policy of reduction of grade of ore treated.
GOLDEN PROGRESS OP I'ION The directors of the Golden Progress Quartz Mining Company (Central Otago) report that an option over the company's property has been givsn to an English syndicate. The purchase money will be satisfied by the payment of £4500 in cash and the allotment of fullv paid-up shares to the value of £II,OOO in the purchasing company. The option expires on December 10. For the past month 34 tons of ore were put through the battery for a return of 43oss. 3dwt. 12gr.
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Bibliographic details
New Zealand Herald, Volume LXXI, Issue 21934, 18 October 1934, Page 7
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215MINING NEWS New Zealand Herald, Volume LXXI, Issue 21934, 18 October 1934, Page 7
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