Hill 50 Gold Mine was incorporated in May 1934 taking up the Sidar and Zion leases near Boogardie.From a modest start in 1936 the mine gradually developed in size until at the outbreak of World War 11, they were producing about 40,000 tonnes for 13,5000 ounces annually.Ore reserves of 250,000 tonnes, proved up and developed before the war, enabled this company to persist during the war on limited manpower and to maintain production after the war.
In contrast the Hill 60 and St George mines did not survive the war because of their lower grade reserves and bad ground, which caused them to be more labour intensive.The Hill 50 Gold Mine had depleted its ore reserve to 73,000 tonnes during the war, but mining was given a great boost by the finding of the main shoot in 1949 by drilling beneath the north of the mine.The section of the mill in this sketch was in place by 1951 and the steel shaft was erected in 1956 having been brought over from Broken Hill.
The ore was all hoisted with a steam winder until 1959.Production from the rich main ore shoot peaked during the late 1950s at 75,000 90,000 ounces per year with profits for the year running at £750,000 to £1,000,000. Based on the relative price for gold this would translate to about $30 million per year profit.
Hill 50 was Australia's most profitable mine between 1955 and 1961. From then to 1976, the year the mine closed, the profits gradually decreased because of lowering grade and the great depth (1000 metres) from which the ore was produced. The Hill 50 mine up until 1976 had produced 3,600,000 tonnes of ore for 1.4 million ounces of gold worth $700 million.
During the 10 years from 1966 to 1976 ore was also produced from the Morning Star shaft. It was upon this shaft that the re opening of Hill 50 Gold Mine N.L. operations depended in 1980. A good result for a company with an initial issued capital of $50,000. Hill 50 Gold Mine is now owned by Harmony Gold.
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