Queensland Art Gallery Presscuttings Book 8 : Pressclippings, 1977-1981

"RNANCWIIVIIW' 1,-,, N.I.W. ·~, JUL ·1980 :: ~,d rn-&vt 0 )!1 Good expected on BMI lHimrnten.· V 21Uey coal deposits By TERRY INGRAM D!\U Lt:I is cx1,cctcd soon to outline further proi;rcss with defining rc5crvcs at the Olou• ccstcr-Stroud co:il i,ros– ptein c emf cmrwyrg rcct in the Hunter Valley Valley. In '°"'' 1ec1lon1 or 1h, market the company 11 CJI• flCClt<I 10 disclose a doubl• ln1 or reserves In 1h11 po- 1,nllally Sl per CCIII pro- •~•• White 1h11 would brlna 101al reserve, or 11labla cont only to 10 million 1onr.c1 aucb a disclosure 111-onld stvc adJ,d rcsour~• bar.kin!! lo the atock. CSlt I annual ICCOUDII aupccst that UMI ,hould rct a bl1 booll 1hi1 year trnm another lmp.>rlanl minfna lnvc~llnenl. 1'he report showed lhnl ClR's hair 1harc nf 1f1er IM 11roli1 of the ln– ilu11c,:lan linminrr Kajunra Minlno C:orpornli<'n l'IY I.Id ro~ r.-on1 SJ,322,000 11, Sfl,421,UUO In the year endcJ March 31, IIMI hos un ~,1unl shore In 1h11 cnmpony, ~hicl1 O\\'nt 75 ptr cent (lhe In• d o n • 1 I a n Government u,.·n• the rcmain,trr) In the opcratlno company. Dr.II, huwevcr, l•kes in only dividend, from 1h1 o p e r a I I o n , drawina St,7~0.000 In tho year tnded June 20 lust, If th~ ,unpoml "intrud• er" un BMl's rcr,bl:r doc, mnke his rrcsence known n~II might no lnn~er be •n I.cc~ 10 unJ~rSIMC ilM rroli11 In 1hi1 w.1y, 11nJ «111ily uccuunl, An n1ra $4 million to \5 million (afl<r ullu,,inr, for the diviJcnd which ulonc wou\J othcrwi:1~ huve f,c~n rccci\'ctl) wo111tl make a cnnsiJcrsble ,lilkr• rttcc 10 ncl prolils of $11,, tnilllon. * * * COAL Is uho prnvidin~ n u\eful ~ock up 10 Golmlh Crment Huhlinr-•• '111e cOntll'lnY successful• Iv hid for the unli,tcd Cornwall ('oal Co lale 111st year in a l•iJ to 1ic dllwn fu111re su1•rliu. II WM al• rrndy hcin1 surrlicll by Comwnll. · Work ber.an nl once on dclineatin; 1,:,;crvcs, Gullalh cviJ~n1ly hns tuM the 'f:"manian c;ovrrnmenl thUI it wuuhl 'tint he in a r o(hion to ,ur• JllY the lh:rmul I\OWtr st:i• lion(•) being con1cmrt•t~ us • .,.,..Ible u1tc,nu11vc to 1he hyd•~-~]~~• mcctin11 so much urp<>sitlon f,-0111 the ..cn:.:nics.' 11111 while k nvl113 the bif. cool s:,lc rro,r,,·, 1s 10 Shcl , which hos con c ur, with e~lraorJinnrllv cnoJ re• ,111ts in dnllinc 111 h• pro– sre,·11 t•n 1hc isl.tnd, Goliulh '"" ber,un muklnii some useful &ales 10 local inJus1ry which r.ltoulll pro– vide a ro~••hly incr•uslnuly vuluablc incumo 10 the aroup DI lnJu,try 1001'1 ~ lll~:~r: 0 ~,:~uf :l"r''.!'1 bill~ast mftke up for Ill.: lus1 of cc• mcnt ordera If the dom1 don't CO II(', • • • INVFSTORS who allcnll the ao11unl mec1in1 or Pan d'Or MininR NL miphl have calned the wron • 1n1• l'rcsslon from lhc rrc~enc1 there or a rci•r~scnlativa or U@DI and General Assur- 1111ee. Lernl and General hnll 1,ou~ht ab11111 IOO,UUO 1huru In lhc rrcvlous .,..ctk, Soon n(lcrnard1 11 had II srll cr,lcr iu. 1·11c pu: ; h J fiC l'l'l!51'1l\• ably was fundc<I Olli 111 lhd lnsur~r'• kiuy for 1r~din1 1,,,n~:11:tio111. l11Mi1u1i, ns w"e left 0111 or the rrc•Fcbrnury run up and hn\'C been in,·rr;oslnoly making sure 1hat thcv Jcl a li1tlc or 1hc ucllon In the rrewnl 1rcc11lu1h·c hoom. The allocarions In 1h1 recent Mincfkltls Explora• don NL 11p1i,>n lssuo evld,•n1ly were heuvlly in• slilutiunnl. • * * QUEENSLAND Art Gal• l~ry b £ullowin5 the u11111rlc nr lhe N;ollnnal Ualkry 1,f Vk l(,r ia un<I l•c• tl'minu o li.:11 c.,f inlluslry. llcfmc lu1111 hrnd m·rinn frotn in,l111ttry \\ ill b: tlmi• Cully notaJ 1l111>utiho111 the ; ullery. ·1he furmcr d,airman of Mount ha l,:inc», Sir <i<"UJ°l!C fi,hi:r. untl (Jur,•rn.lanJ's lurfller nm• bmisman, Sir ll:I\ h.l I nng• land, lta,·c b: cn uppainl<J r 1e"u.knl nml c,c~cu1ivc t.li • h'i:tur rc!rlr~~li\'cly uf the CJueen•,1:ontl Arl Gallery fo111ata1i,,n. ·1 he r,,,111<1.11:cu Is moJ• clkJ u,-. th..: Vk turi.11t ;\rt J"uunll,ll i1,n c~ccpl that in <;11,·,n,lanJ the I" irwiral will be u,;c,I 10 acquire wol'k< of art whr ra11, In Vktnri:1 tht: it1h:ri:st on th: rr ind 1,.il ,..ill h\! u~~J. Tit<' _JJ11~\lo1~1l _Afl (iulkry . a-11und.1tiun ts 1ecLio~ 10 rai~~ \3 mllliun, or wlmh ~I milli,,n woul<I be rruviJc1I OIi :, $ I f<1r $2 ~""' loy lhe (Jurensl:a11J Cio\ c1111m: n1 I Vkrnrici oU• Ii;•• on n $I for ~I ba•,is). 'Ihe foun1lu1lon h•• w Car receivrd donalions c,f more than S·I00,000, of which MIM lloltlinr.1 ha1 c"·cn S 1011.uoa, t ·a~tle• 111:,inc Toohcy1 I.Id $5h,l"lll• Mr Jack Manton, 11 rcrircd Melbourne busl• nesoman n1d noted nll col• lcc1or tivina In Uudcrlm, UU.000 untl llrid•ane rhl• lanthrorisl Mr H. V, Sin• namon $ llU,UUU,. l11w,1orK con1cmpfa1ln1 r.e11:n11 11110 inlcr,·sMul• IUlllreS nrt: nuw lt1king Ill a del'Q~it "' $800 up rrom the orl;lnal dcposll level of $500 \\hi,h haa prcvnilcd ,Ince 1hu1 market <tpCllctl on the Sy,lney 1'u1urct Ex• chnnuc l:111 Oclobcr. 'l'he dc110si1 rcqulremtnl wa~ Increased In t.lay, ahc :id of the bla number of oren p:,shlons Ill Iha June conlrJCI and 11>me 1prrchcnsh11, which la1er rroved unroundtd, 1h111 the Jure Jcliscry could have scr. 1 rrubkn11. Wilh bank•bills yMrl1 ha, in11 seen dramu1ic il1 0r1 o,·.r the p1:1I ,,,.eck, r,,,11ow• ing lhc p·,y,holoulcal relief lhar. Juna 30 and the tcasonal tlchlnm wna over, the Aurnsl Interest ralt futures cunlracl look• a cood buy. On FriJ:ay ii ,,,.a, 1rntlln1 11 12 10 12.U rcr cent in yield anJ m<1s1 rrofc1•ional In the market 1cc II 90-dnY bank bill below that level by the time the August ,-,nirarl come, up for delivery, The basl1 on Interest rnle ru1urn lradlnf 11 lo buy Into a contruc It n• pec111ion1 art 11101 the yield will ran, which mean, that the price will rite by the time that contract comes op ror delivery, Convenety lnvcston aet Into a sold position lr rule • look like rlsin1 IO that they can buy bark a, rain rise, which mean, that prlcce fmll, There Is no need to feel locked Into a ru1um con– lract. An invntor can' lude OUI any time If \ht marhl looks like mov1nf the wron1 way. In Intern rat.: ru111rc1 • movemrnl of 111 lasl five poin11 is ntcdetl t4:t_!!~~~.•!·