COMPANY MEETING
RHOKANA CORPORATION
A SATISFACTORY RESULT
THE seventeenth annual ordinary general meeting of the Rhokana Corporation, Limited, was held on Wednesday last at Southern House, E.C.
Mr. Francis L. Gibbs (the deputy-chairman) said in the course of his speech: Sales of metals have increased by £197,545 while the operating profit has decreased by £22,445. The average prices of standard cash copper and for wire bars during the year were somewhat less than those obtaining in the preceding year. We received from Mufulira Copper Mines, Limited, the same gross dividend as last year, namely, £217,149, and the balance finally carried to the appropriation account is £2,116,398 as compared with £2,166,692 for the previous year. Considering the lower price of copper obtained, I think you will agree that a decrease of only £5o,000 is not unsatisfactory. The appropriation for taxation for the year is £750,000, a very large increase over the figure for last year of £247,794. Taxation in this case covers United Kingdom income-tax, Northern Rhodesian income-tax, National Defence contribution and excess profits tax. It is difficult at this early stage to estimate the liability to excess profits tax with any degree of accuracy. In view of the definite increase in taxation and the uncertainty as to the ultimate liability of the Corporation, the directors have considered it necessary to make this very large appropriation for taxation of £750,000. They have also decided to recommend a final dividend of 25 per cent. This rate is the same as for the interim dividend paid last April. The total for the year is, therefore, 5o per cent., a reduction of one-fifth from last year's total dividend of 621- per cent.
During the year a total of 2,817,500 tons of ore were hoisted, of which 1,556,000 tons came from the Nkana section and 1,261,500 tons from the Mindola section. The grade of the ore broken averaged 3.55 per cent. copper at Nkana and 3.71 per cent. copper at Mindola. The comparative figures for last year were 3.46 per cent. and 3.65 per cent. respectively. Our production for the year was 50,810 long tons of blister copper and 31,691 long tons of electrolytic copper, making a total of 82,505 long tons compared with 76,275 long tons last year. At the end of the year the ore immediately available for stoping amounted to x1,528,816 short tons of a grade of 3.78 per cent. The report was adopted.
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