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Mining Industries on the Monaro
Is situated about two miles from Adaminaby, on property belonging to a family of early selectors named Reynolds. Copper was accidentally discovered there by H. Reynolds in 1860. A shaft was sunk to a depth of 75 feet, and the mine was then abandoned for a long time. It was later worked intermittently by prospecting parties.
In 1901, it was taken up by Litchfield and Hassall. In 1904 Shaefer Bros. obtained it and worked it till about 1906, by which time they were down about 100ft. Copper was then over 90 pounds per ton, but they found themselves without means, and in 1907 gave an option which resulted in the formation in Adelaide in - 1908, of the Kyloe Copper Mines N.L. Floated with a very small capital, the Company was soon transferred to Sydney, additional capital being obtained by the issue of preference shares.
The mine equipped itself almost entirely out of profits, with a mine plant capable of working to a depth of 1000 ft., including air compressor, rock drills and other usual conveniences. It installed a concentrating mill, water supply and electric lighting plant. It paid about 3,000 pounds per fortnight in wages, and about 32 teams were continuously on the road between the mine and Cooma, carrying ore to rail. The nominal and subscribed capital of the Company was 60,000 pounds, in 120,000 shares of 10/- each. On 26th April, 1913, after having gone down 700 feet, the payable ore cut out, and the mine was shut down. During its existence under the management of Mr. A. J. Dunstan, it paid 12,000 pounds for equipment, distributed 17,000 pounds in dividends, and produced over 4000 tons of copper. The Company afterwards acquired a mine at Tenterfield.
Transcribed by Pattrick Mould in 2003, from the book "Back to Cooma' Celebrations" page 53