MINING NEWS

New Zealand Herald, Volume LXXIII, Issue 22349, 21 February 1936, Page 7

MINING NEWS

NEW GUINEA QOLDFIELDS To conserve the cash resources, the directors of New Guinea Goldfields, Limited, have decided not to pay a dividend for the year ended September 30. The net profit, after allowing £14,990 for depreciation, is £152,061, which compares with £180,091 for the previous year. There is a credit balance of £211,293 carried forward. Operations in the year were affected by strikes and other adverse conditions delaying completion of the new Edie mill (now in operation) and retarding the progress of development. The company paid a dividend of 4 per cent last year.

. FIJI OPTIONS ABANDONED Granites Development N.L. (Melbourne), has decided to withdraw from all operations in Fiji. The company acquired free sampling options over two properties on the Tavua field, and also options in the Nandi district, Fiji, in July last year, and later granted an option over a block of 500 acres at Nandi to Granites Gold N.L. NOKOMAI COMPANY'S OPTION [by telegraph—own correspondent] DUNEDIN, Thursday An extraordinary general 1 meeting of Nokomai Gold Mining Company, Limited, will be held on February 28 to consider an application by BurmaMalay Tin, Limited, that it be given an option upon terms contained in an agreement which will be submitted to the meeting. The t-erm desired for the option is six months and the price at which the company, if it exercises the option, will purchase is £BO,OOO, of which £40,000 shall be in cash and £-10,000 by issue to the Nokomai Company of £40,000 worth of fully paidup shares in the nominal capital of the new company, which it is proposed to form with capital not exceeding £250,000. Consideration for the granting of the said option is £IOO a month. GOLDFIELDS DREDGE Goldfields Dredging Company, Limited, reports that the dredge was stopped last Wednesday to, carry out repairs necessary before the dredge approached the Gorge. Consequently, there will be no wash-up this week. THAMES WARDEN'S COURT [bt telegraph—own correspondent! THAMES. Thursday In the Warden's Court, before Mr. F. H. Levien, warden, this morning, the surrender, of Karaka Mines special quartz claim, in the name of H. E. Osborne, was accepted. Protection was recommended to the Minister of Mines for E. W. Cole, over the Blue Jumbo special quartz claim. On the Coromandel register S. D. Mac Donald Avas granted the Old Timer special quartz claim, 10 acres, at Herataunsia, and protection was granted the Waiau Fla£s Development, Limited, for 1 six prospecting licences for six months. REPORTS OF MANAGERS Mataki (Murchigonh—Last week the dredpe worked on a face of 400 ft., pulling ahead 40ft. Conditions remain much the same in the river, but the bottom is still dipping sliphtly. Gold is showing a slight improvement, hut we arc still 1 iftingr a. ffood deal of pus.