MINING NEWS

New Zealand Herald, Volume LXXV, Issue 23181, 29 October 1938, Page 9

MINING NEWS

LOWER BULOLO PROFIT NEW DREDGES NEXT YEAR The annual report of Bulolo Goffi Dredging, Limited (Vancouver) f6YJ the year ended May 31 shows a net; profit of 3,453,463 dollars (abotftv £863,366 in New Zealand against 3,458,946 dollars in the previous year. Dredgable gravel reserves at May 31 were 192,000,000 cubic yards and about 20,000,000 further yards which will \m r handled hydraulically. Dredge No. 7* which is now under construction, should be completed during March of neit' year. The construction of a further" dredge, No. 8, has been decided upcn£, and it is expected that it will be op4s». ating by the middle of 1939. • X

PLACER DEVELOPMENT A summary of the report of Placerj Development, Limited, Vancouver,• for. the year ended April 30, states that the; company holds share interests of 30; per cent in Bulolo Gold Dredging," Limited, 41 per cent in Asnazu, Gold,; Dredging, Limited (South * 35.93 per cent in Pato Cottsolidatedi Gold Dredging, Limited (South America), 64 per cent in Ruthwglen,. Gold Dumps, Limited (Australia),-and 83.33 per cent in Gold Dumpa Proprietary, Limited, (Australia). Pato Consolidated handled 4,282,000".yards, and the working profit wa0'315,610 '315,610 dollars (about £63,123 in New-. Zealand currency). Two further dredges are now operating, and it is expected that 16,000,000 yards will be dredged annually. Asnazu made a working. profit of 436,276 dollars (about £87,255). A new dredge is being designed with a capacity of yards annually. ' Rutherglen Gold Dumps showed ft profit of £59,049. Gold Dumps gteft prietary, Limited, showed a working profit of £IO,OOO. A new plant to treaty tailings is being built in Victoria. YIELDS OF COMPANIES Rimu (West Coast).—293o*. froth 49,555 yards in 131* hours.