At the general meeting of shareholders, held at the offices of the company on March 31, the following report was read:—
During the past year 5000 tons of ore has been raised from the Buitron Mine, and 5600 tons exported to England. The ore has found a ready market, and has proved of the same quality as previously. Strong representations have been made by the local director at the mine in favour of the immediate erection of cementation works, by means of which the less rich ores can be most profitably treated. The plans and estimates for these works were laid before the meeting. The directors consider that while the great value of the property has been placed beyond all question, a considerably larger expenditure is necessary for its development, and the present resources of the company cannot meet this. Very great reductions can be made in the cost of the ore by increasing the facilities of transit. They estimate a sum of 20,000l. at least will be required to place the mine in a thoroughly paying position, irrespective of the floating capital. The construction of the greater portion of the road from the shipping port to Buitron has been conceded to a company, who are now proceeding with it, but a connecting link of about five miles is still wanting, which must be made by the South Europe Mining Company. The directors sent out in December last a highly experienced mining captain, recommended by Mr. Petherick, the company’s consulting engineer. He describes the resources of the mines as abundant, both in ores for exportation and cementation, that it is an exceedingly valuable and profitable mine, and that more especially when cementation works are carried out. He looks on the mass of ore as practically inexhaustible, and all profitable. The directors consider that all the efforts of the company should be devoted to carrying out the works indicated; and although the importations of ore, in spite of every difficulty, show a profit, they think it would be unwise to declare any payment of interest at present.”
The report having been unanimously approved and adopted, the usual routine resolutions were passed. Some conversation took place upon the state and prospects of the mine, and the meeting separated.
Mining Journal. 16th of April, 1864
