The Orange Free State Gold Mines (1950-1951)

First edition of this important compendium for the nine mines which are already operating in the Orange Free States of South Africa. With large folding map (44 x 56 cm) of the Orange Free State Goldfields showing Present Mines, Lease Areas, and Possible Extensions. This is an extremely rare complete copy of this precious work, hard to find even in National and University Libraries - and the only first edition copy selling on internet.

Contents include: Surveys, General Information, Charts, Geology, Valuations, etc., for 9 mines in the Orange Free States of South Africa.

Press Comments on "The Orange Free State Gold Mines" by Paul Klempner:

The Financial Times, 6th November, 1950:

"... Mr. Klempner has embarked upon the quite hazardous task of assessing the intrinsic value of the stocks involved. The correct evaluation of a gold-mining share, at any time, even should the company have reached maturity of production, can always be a tricky business. To assess a mine's future worth with only borehole results to go by and with the shaft-sinking stage not completed must inevitably widen the scope for error. It is all the more notable, therefore, that Mr. Klempner has made the attempt at all.

"It should be emphasized that he makes no wildly rash assertions. His calculations have been necessarily based on tentative estimates of costs and grade of ore, and inevitably no major changes in the economic factors governing the gold-mining industry have been assumed. This is a book, therefore, from which investors interested in Orange Free State Gold shares may obtain a deal of valuable guidance - and, let it be added, encouragement, for Mr. Klempner's conclusions are certainly not pessimistic."

The Stock Exchange Gazette, 3rd November, 1950:

"With great care and consideration Mr. Paul Klempner, a mining engineer, has calculated the prospective income and future share values of the O.F.S. gold mines and his book, "The Orange Free State Gold Mines", will be of interest to all investors in this section. Of course there are many unknowns - such as the future price of gold - and there must be reservations, but apart from these Mr. Klempner believes that on certain stated assumptions it is possible to make fairly accurate assessments. Working on known factors such as average grade of ore, mill capacity, taxation liabilities, etc., he calculates in the form of a curve on a graph the estimated income per share and from this estimated future share values..."

The Observer, 19th November, 1950:

"The opening of the new goldfield of the Orange Free State in the post-war years has been an event of major interest to investors with a speculative turn of mind. Wide and violent movements in O.F.S. gold shares have clearly shown, however, that many people have dabbled in the market with more hope than knowledge.

"Since periods of over-optimism in stock markets are usually followed by spells of excessive depression, it is worth inquiring whether the pendulum in the O.F.S. market has not swung too far towards pessimism.

"An essential step in this inquiry is a careful estimate of the probable future profits of the O.F.S. mines. This is a formidable task calling for highly specialized knowledge. I am a glad to see, therefore, that it has been undertaken by Mr. Paul Klempner, a consulting mining engineer, in his valuable book "The Orange Free State Gold Mines".

"Mr. Klempner concentrates his considerable analytical talents on the probable performance over the next seventeen or eighteen years of the nine mines which are already operating in the O.F.S. For each mine he produces a graph showing the estimated future income per share and the estimated share values at the time the income is earned... "

Heavy green cardboard covers; Text in English; Collation complete – Title page, 107 pages, with many tables, calculations, diagrams and with a folding map of the Orange Free State Goldfields (44 x 56 cm) at the rear showing present mines, lease areas and possible extensions. Contents page 5/6 missing from table of contents (there was a form printed on it that the original owner filled and mailed in); Binding is strong, tight and firm, extremities with minor bumping, covers little dusty. Content/text block is in immaculate condition, clear and bright, no any foxing, marks or annotations throughout. Title page little (partly) age tanned. Folding map at the rear present, whole and well preserved. A sound copy.

Paul Klempner was mining engineer who wrote a column on gold shares for the Financial Times. He acquired a small company manufacturing spares for earth moving equipment in his middle years which became his main source of income. In his youth in Austria he had dreamed of training as an architect. In 1936 he emigrated to South Africa where he completed his apprenticeship in the gold mines, then set up his consultancy in Johannesburg.

IMPORTANT information regarding shipping: Shipping to South Africa possible via national post ($40) or Fedex/DHL Express service ($80-100). Shipping to EU via courier services ($20-25). Shipping to UK possible only via Fedex/DHL Express service ($50). Shipping to US via USPS ($30). For other countries please ask.