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A BIG COPPER DEAL

AUSTKALIAN OUTPUT SOLD TO BRITAIN. The Prime Minister (Mr. Hughes) announced lust week (as briefly cabled) thai the Copper Producers' Association had accepted an offer from the British Ministry of Munitions to June 30, 1918, for the Australian output of copper excepting copper required for local consumption and copper sold under existing contract*. The amount of money involved under the contract will be approximately .£2,150,000. The price to be paid for. electrolytic and Wallaroo copper will be A'lOS per ton, f.o.b. Sydnev, and for other Brands, .£lO6 per ton, f.o.b. Sydney. If Uie proportion of other brands exceeds one-iourtn of the total tonnago the Munitions Department requires an abatement m price of £1 per ton, thus reducing the price for the excels to £M per ton. The maximum quantity which may be delivered under the contract is 20.000 tons, and the minimum 15.000 ton.;. If the maximum is exceeded Ihe sundus will be taken by Ihe British Ministry of Munitions at a mice to be negotiated. Tf, however, Ihe minimum is not reached the Ministry nf Munitions mnv claim delivery of the deficiency later at I lie contract price, but has no right to action for breach of contract. The- negotiations for the sale, the Prime Minister added, were carried on

by Elder, Smith and Co., Ltd., for the Copper Producers' Association, and the companies included in the transaction are -Electrolytic E. and S. Co.,' Ltd., Hampden, Cloncurry Copper Mines, Mount Morgan Gold-mining Co., Ltd., Mount Lycll M. and It. Co., Ltd., Wallaroo and Moonta M. and S. Co., Ltd., Mount Cuthbert, no liability; Mount El' Hott, Lid., Abercrcmbie Copper Mines, Mouraniba Copper Mines, Great Cobar, Ltd., Mount Lyell Blocks Copper Mines, Mount Hope, Ltd., C.S.A. Mines, Ltd., and the Mount Royal Copner Mine. In conclusion, the Prime Minister stated that the Copper Producers' Association, aj though only formed in the past few months, had already justified its existence, and that the price under the contract was satisfactory b the producers generally.

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/DOM19180214.2.57

Bibliographic details
Ngā taipitopito pukapuka

Dominion, Volume 11, Issue 126, 14 February 1918, Page 8

Word count
Tapeke kupu
336

A BIG COPPER DEAL Dominion, Volume 11, Issue 126, 14 February 1918, Page 8

A BIG COPPER DEAL Dominion, Volume 11, Issue 126, 14 February 1918, Page 8

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