IRON ORE INDUSTRY

Waikato Times, Volume 116, Issue 19364, 18 September 1934, Page 2

IRON ORE INDUSTRY

REHABILITATION PLAN. £2,000,000 OF BRITIBH CAPITAL. WELLINGTON. Monday. A project is on foot to rehabilitate on a big scale with at least £2,000,000 of British capital the paralysed Onekaka iron ore industry at Golden Bay. It is stated that if it should come to achievement the Onekaka Iron and Steel Company will be paid £150,000 for the whole of its present assets, including iron ore deposits, large areas of limestone and extensive measures of coal. A company with a capital of about £BOOO already paid up by about 100 shareholders has been formed, with headquarters at Timaru, but to bnng the scheme to the stage of practical profit it will be necessary first to acquire an interest in options and concessions now vested in Pacific Steel, Limited, a company formed with anominal capital of £IOO for the purpose of holding those rights and options. Information on these and otner features of the project has been submitted to foundation members of the new company, Iron and Steel Development (N.Z.), Limited. Two holders of the options have done a great deal of preliminary work while one' of the members of Pacific Steel, Limited, spent some 18 months in England collecting data and obtaining a preliminary report by H. A. Brassert and Company, Limited, consulting engineers, of London.