MINING NEWS

New Zealand Herald, Volume LXXIV, Issue 22865, 21 October 1937, Page 9

MINING NEWS

WAITAHU OPERATIONS The annual report of the Waitahu Gold Mining Company, Limited (AYest Coast), for the year ended July 31, shows a net profit of £1597, which the directors recommend should bo carried forward. The directors' report states that the expenses of operating the claim have increased because of the higher rate of wages now payable to the claim staff and the increased prices for replacement parts. This increased rate of wages has more than absorbed the reduction in overhead expenses which was effected last year. Ihe total expenses of operating the claim, including all wages, salaries, maintenance, and overhead expenses, worked out at 2jd a cubic yard of material treated. This figure does not include depreciation, but it is thought the figure constitutes a record for a sluicing claim operating under present-day conditions. BULOLO PRODUCTION Production of Bulolo Gold Dredging, Limited (.New Guinea) for September was as follows: —Gross production 18,310 ounces bullion, containing 12,838 ounces of fine gold, from 893,600 cubic yards. Estimated working profit 8593 ounces. This is equivalent to £112,332, with a working profit of £75,188 in Australian cur re n ey.

BUNDI DREDGING GALL The Bundi Tin Dredging Company X.L. (Greymouth) lias made a further call of (3d a share to meet its obligations. The directors explain that in the process of working its way up to Chinaman's Terrace the dredge had to provide material tor n succession ot small dams to lift it to the required 'height. Since July 5 a total of 140oz. of gold has been recovered from 52,1 MS yards, but this, together with the proceeds of the last call, has not been enough to meet, commitments. Having reached Chinaman's Terrace, it. was hoped that all the dredging difficulties bad been overcome. However, tunnels from old workings have been met and the dredge has been closed down to .stop the leakage from the paddock. Ihe manager expects work to resume soon..