PLANET METALS LTD (extract from the book- Planet Mining Company Pty Ltd, 1970, )
Planet Metals Ltd was incorporated in the ACT on August 17 1966. Nominal capital is $7,500,000 in 50 cent shares. Issued capital is $7,183,140 in 14,366,280 fully paid 50 cent shares.
The company was formed to acquire the mineral and exploration prospects of Planet Mining Company Pty Ltd. The vendor’s agreement gave Planet Mining Company a 50 percent shareholding, and the right to maintain that half interest after subsequent share issues, at no further cost. The Colonial Sugar Refining Company Ltd subscribed for 100,000 50 cent shares in cash in Planet Metals Ltd and under the terms of an agreement exercised its option to take up at par sufficient shares to give it a 15 percent holding on December 31, 1967.
Planet Metals Ltd interests include prospects for porphyry copper in North Queensland; copper and base metals in the Marble Bar and Meekatharra districts in Western Australia;
for copper on Normanby and Goodenough Islands off Papua; for off-shore beach sands off the coast of central and northern New South Wales and southern Queensland; and for base metals at Bridge Creek and the Strangway Ranges,Northern Territory.