RHOKANA CORPORATION
SIR AUCKLAND GEDDES ON COPPER POSITION
THE fifteenth annual ordinary general meeting of the Rhokana Corporation, Limited, was held on October 27th at Southern House, London, E.C.
The Right Hon. Sir Auckland C. Geddes, P.C., G.C.M.G., K.C.B. (the chairman), said that the profit and loss account showed a final figure of profit of £2,019,866 carried to the balance-sheet. That was after making provision on the one side for taxation of £94,257, and after taking in on the other side a gross dividend from Alufulira Copper Mines, Ltd., of £144,826. After making the appropriations for depreciation reserve account and development reserve account, the directors had decided to appropriate to the general reserve account out of the balance of profit k300,000. They had also decided to recommend the payment of a final dividend of 37/ per cent., less tax, on the ordinary and " A " shares.
Looking back at the financial years as a whole, he thought its outstanding feature was the series of extraordinary changes in the copper markets of the world. Although the monthly rate of consump- tion at present was somewhat below the highest monthly- figure for the calendar year, it still made a very satisfactory showing.
• Turning to their mining operations at Nkana and Mindola, there had been a substantial reduction in their operating costs, even after taking into account for the year under review a new charge for the bonus and provident fund. The increased demand for copper during the year and the consequent increase in their production had caused considerable expansion in the scale of their operations. The total tonnage of ore hoisted during the year was 2,663,100 short tons, compared with 1,766,174 short tons in the previous year, and the production of fine copper in the form of blister and electrolytic totalled 75,254 long tons as compared with 50,399 long tons for the previous year.
The installation of plant at the Mindola section and the increase of plant at the Nkana section, necessary to deal with the Mindola ore, would all be completed by the end of the calendar year.
He had often said that they regarded their investment in Mufulira Copper Mines as a potential source of large profit. Their expectations Were now beginning to be realised and they looked forward to satis- factory dividends in the future.
The report was adopted.
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