COMPANY MEETINGS
DURBAN ROODEPOORT DEEP
INCREASED OUTPUT MR. W. H. A. LAWRENCE'S REVIEW
MR. W. H. A. LAWRENCE, the Chairman, presided at the annual meeting of the Durban Roodepoort Deep, Limited, held in Johannesburg on April 19th.
Moving the adoption of the report and accounts, the Chairman said that the increase that had been effected during the year in the capacity of the Roodepoort United reduction plant had enabled it and the Durban Roodepoort Plant to mill a combined total of 1,374,000 tons, an increase of 165,000 tons compared with the previous year's figure. The average yield per ton milled had been .089 dwt. lower, but the working cost per ton milled had reduced by I id., and on balance the total working profit had increased by £105,787 to £482,736.
CAPITAL EXPENDITURE The balance of working capital on hand on January 1st,. 1938, had been £715,060. The capital expenditure on shaft sinking equipment, &c., during the year had been £449,201, leaving a balance of £265,859 of working capital on December 31st, 1938. The consulting engineer reported that development disclosures had been generally satisfactory. Values had been well maintained throughout the mine on the Main Reef, but on the South Reef they were slightly lower on average and showed a declining tendency towards the Eastern boundary on lower levels. Payable ore developed during the year had totalled 1,484,000 tons, averaging 4.7 dwt. per ton, 197,500 tons more than in the previous year, with a decrease of .1 dwt. in the average value.
ORE RESERVES Available ore reserves had been re-estimated at 5,611,100 tons, averaging 4.6 dwt. per ton over a stoping width of 51 in. In addition there were 685,300 tons of payable ore of an average value of 5.3 dwt. per ton, in shaft and safety pillars which were not at present available for stoping. The available reserves showed a satisfactory increase of 465,400 tons. No. 6 Vertical Shaft had reached its final depth of 4,875 ft. in February of this year, and the installation of permanent equip- ment at the shaft and connexions to mine workings were being pushed ahead as rapidly as possible.
The present capacity of the Roodepoort United reduction plant was 90,000 tons per month and that of the Durban Deep reduction plant 6o,000 tons per month, making a total capacity of 15o,000 tons per month. Further additions to the reduction works which were now being undertaken and which would probably be com- pleted before the end of the current year would raise their com- bined capacity to 175,000 tons per month.
A FAVOURABLE PURCHASE The company had taken advantage of the recent favourable opportunity to round off its mining property by purchasing for Lio,000 an area of approximately 173 claims and one water right, adjoining the North-Western boundary. That arm was con- veniently situated for exploitation from the company's existing shaft system, and although it was intersected by faults, there was good reason to anticipate that it would furnish substantial tonnage of profitable ore to the mills.
The report and accounts were adopted unanimously.
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