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MINES AND METALS.
PILBARA ASBESTOS.
The report of Australian and Genera;
Asbestos Co. to March .31 states that
issued capital i* now £90,150 and includes
allotments of 200.000 shares of 2/ in- re-
spect or three turther mineral leases pur
chased last year. No directors' fees haw
been paid since June 30, 1929. The com
pany now holds several mineral leases on
the West Pilbara field with a total area
of 294 acres. A further £2.860 has been
expended upon development, making a
total expenditure on this account - of
£4.440 Work done com p*r uses' 10 shafts
sunk to various depths from 18ft. to 75ft.;
three prospecting pits: one new.shnft sunk
45ft. to water level and . -close ? timbered
to the surface, also a . pumping station cut
at water level; driving and crosscuttinp
east and west on shafts NosM, 3. 7, and
8 for a total of. 435ft.: ,175 sample tests
taken from 35 development and- working
points, giving average total, fibre ^ontente
of 38.4 per cent- over an average width
of 23.4in. at Sherlock; 38 sample tests
taken from prospecting points at Nnnyarn
giving average total fibre .content at 47.8
per cent, over an average width of 35.2tn.
202 tons of asbestos ore. containing .fibre
contents of approximately 80 per cent
shipped and received in London works. .
Negotiations with a view to obtaining
£30.000 in order that the properties, could
be brought to a production stage of about
300 tons a month did not materialise and
the response to the . proposed . issue of ' 8
per cent, three-year notes was not suffi
cient to warrant ?proceeding with the
scheme. Further efforts nave been made
but owing to the continued depression -and
the unsettled conditions prevailing in Aus
tralia generally, the necessary finance has
not been arranged. The position at ..the
mines remains the same, but the London
works are still operating on a ' limited
Fcnle. The directors. are continuing, their
efforts to raise the required working
capital.
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