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By F. T. Cawood

This research report was produced in response to the release of the Mineral and Petroleum Royalty Bill. It involved are view of the mineral investment environments of selected countries in order to form an opinion on the appropriateness and competitiveness of the proposed royalty structure for South Africa. Many emerging countries have recently attracted a significant share of foreign investment, as a direct result of changes in policy. These are, by implication, the least risky and most favourable destinations for the ?investment dollar?. The five most competitive countries, namely Chile, Argentina, Peru, Mexico and Brazil have been identified as succeeding with their policy visions of creating favourable domestic investment environments. The investment rules of these countries served as a basis for the compilation of a Competitive Investment Framework (CIF). This is a template of best practice against which other investment environments, such as that of South Africa, can be measured. The framework indicates that mineral royalties should ideally be no more than three per cent, demonstrating that the regime proposed in the Royalty Bill is out of step with international best practice. Mineral royalties can never be viewed in isolation and in the assessment of the rates proposed in the Royalty Bill, one must consider the total taxation package. Such assessment appears in Section 5 of this report, demonstrating that there is reason for concern if National Treasury were to impose the rates stipulated in the Royalty Bill. The alternatives, conclusion and recommendations of the review appear in Sections 9 and 10. These are the result of independent analysis and assessment of the fundamental principles. It is done through the application of a Competitive Investment Framework that avoids the highly subjective and emotional views that often accompany a process like this.

Jan 1, 2003

By Edwards A. B

The following note on the mineral association in the ores of the Tennant Creek Goldfield, Northern Territory, is largely based on Mineragraphic Reports Nos. 49, 89, 117 and 193 of the Council for Scientific and Industrial Research. These reports are the results of the examinations of auriferous specimens from a number of mines of the goldfield and are now supplemented by the examination of further specimens from Mt. Samuel forwarded by Mr. V. G. Martin.The Tennant Creek Goldfield lies in the central portion of the Northern Territory, about Lat. 190 35', Long. 1340 15', on the Overland Telegraph Line and about 369 miles north of Alice Springs. It comprise an area extending about 50 miles east and west, by 30 miles north and south.The geology of the goldfield has been described by Woolnough. (2)The rocks of the area are of pre-Cambrian age, and consist of talcose, chloritic, micaceous and siliceous schists of sedimentary origin, interbedded with flows or dykes of schistose quartz porphyry, and of granites which were intruded subsequent to the regional metarporphism of the area. The rocks are moderately folded, but the beclding tends to be obscured by a pronounced east-west cleavage. The most continuous orebodies run east and west, parallel with this cleavage.Numerous lenses of hematite occur in the schists, with their long axes, parallel to the cleavage, and the gold values of the field are frequently associated with such hematite bodies. The dimensions of these hematite bodies are variable but rarely exceed a length of 300 ft., with an average thickness between 10 and 30 ft.; the original vertical dimensions are thought to be comparable with their length. The lenses tend to occur in groups when they are arranged en echelon both horizontally and in depth; and erosion has exposed individual lenses to different degrees, ranging from incipient exposure to complete removal. The existence of unexposed hematite lenses at depth has been proved by geophysical surveys, coupled with drilling tests. (3)A few of the bodies are pipe-like. Many are surrounded by a casing of brecciated rock, composed of fragments of hematite and shattered country rock, and presumably caused by subsequent earth movements which crushed the country rock against the resistant hematite bodies. In the early days of the field most of the important gold occurences were found within these crushed zones, or, to a less extent, within the hematite bodies themselves.These occurrences appeared to be associated only with those hematite lenses which were intersected by quartz veins or other lines of weakness, of later origin than the crushing. This led Woolnough to think that the introduction of the gold and attendant bismuth was subsequent to the...

Jan 1, 1942

By David M. Abbott

"The picture of the baby surrounded by the number of (usually) pounds of a variety of mineral products a newborn will use in a lifetime has been widely distributed over the years, both on the web and as business cards that could be distributed to anyone. Figure 1 shows a typical example. I have included a slide of the mineral baby in various lectures over the years, particularly in my lecture “Industrial minerals: much used, little recognized.” The mineral baby with associated estimated lifetime mineral quantities is updated every year. I collected a set of past mineral baby pictures to examine the changes in the quantities of the various mineral products over the years.The mineral baby was introduced by the Minerals Information Institute (MII) in 1999 and became known as the “MII Baby.” SME took over MII in 2008 and continued publication as the “MII Baby” until the merger of MII with SME’s GEM program in 2011 to form SME’s Minerals Education Coalition (MEC). MEC is now the publisher. Figure 2 is the 2016 version of the mineral baby. The repositioning of the picture of the baby from lying on its back to crawling reflects a major design change to help emphasize that SME’s MEC is now the mineral baby’s publisher.Data sourcesThe data used to prepare each year’s mineral baby comes from the National Mining Association, which collects the preliminary annual mineral commodity data from the U.S. Geological Survey (USGS) and other sources. This preliminary data becomes available late in the first half of each year. The life expectancy data for each year comes from the Center for Disease Control’s “Data and Statistics by Topic” and the population data comes from the U.S. Census Bureau’s “Quick Facts” tab.The source mineral data is compiled using metric tonnes as the basic unit. The quantity of of each mineral is the apparent U.S. consumption each year."

Jan 6, 2017

Ore from the Hill 50 Gold Mine, consists essentially of pyrrhotite, with minor amounts of pyrite, chalcopyrite, galena and gold, replacing "jaspilite." The gold is associated with the sulphides as shotty particles. About 8 per cent. of the particles are less than '0.010'mm.The Hill 50 Gold Mine, at Boogardie in the Murchison goldfield, about 300 miles north-west of Kalgoorlie, was first operated in 1898. From 1898 to 1917 it yielded 20,000 short tons of ore for a recovery of 6,225' fine oz. gold, equivalent to a recovery grade of 6.22 dwt. gold per ton.The present company since the beginning of its operations in September 1936 to June 30, 1954, produced 811,081 short tons of ore for a recovery of 242,554 fine oz. of gold, equivalent to a recovery grade of 5.98 dwt. gold per ton.The grade of ore (recovery grade) has shown a remarkable variation with depth. From the 120 ft. Ievel to the 300 ft. level, it averaged about 7.5 dwt. Au per ton. Below the 300 ft. level it declined, and from 300 ft. to 400 ft. averaged 4.9 dwt. per ton, falling further with increasing depth to about 4.5 dwt. per ton at the '600 ft. level.On the 820 ft. level the grade improved sharply to about 14 dwt: per ton, and this grade has persisted down to and on the 1060 ft. level.The orebody has been described by Finucane (1953) as a series of lenses of finely banded jaspilite conformably enclosed by greenstones. The jaspilite is tightly folded and faulted and intruded by dykes of felspar porpnyry.Mineralization is practically restricted to the jaspilite.

Jan 1, 1955

By Edwards A. B

A suite of specimens from the newly developed Black Star copper ore body at Mount Isa was made available for mineragraphic study by the Mount Isa Mines, Ltd. The specimens were selected as representative of the different phases of mineralisation found in the ore body, rather than with a view to furnishing a complete cross-section of it; and the examination has been carried out with a view to ascertaining (1) the nature, extent and association of the arsenic, antimony and possibly bismuth, minerals in the ore, (2) the mode of occurrence of silver in the ore, and (3) whether galena and sphalerite occur in minute forms well below the sIzes readily observed in hand specimens.Analyses of the January to June, 1944, mill head composites show that the proportions of the elements Ag, As, Sb and Bi in the ore are as follows:Ag 0.000013 = 0.35 oz./tonAs 0.024Sb 0:002Bi 0.0005The copper content of the mill heads ranges from 3.5% to 4.75%, the lead content from 0.03% to 0.08,% and the zinc content from 0.09% to 0.23%.MINERAL COMPOSITIONThe specimens range from massive sulphide ore, consisting of areas of chalcopyrite, pyrrhotite, and rarely sphalerite, from 1 to 3 cm. across, to fragments of extremely finely banded pyritic shale in which no minerals other than pyrite are visible. The gangue associated with the massive sulphides is chiefly dolomite, and sometimes white quartz. The pyritic shale fragments show evidence of shearing and faulting on a micro-scale, the fractures sometimes being filled with sulphides and vein minerals.The ore minerals found in the polished sections are pyrite, arsenopyrite, marcasite, sphalerite, chalcopyrite, valleriite, chalcostibite, galena, dyscrasite, jamesonite, magnetite, gold, graphite and rutile.Pyrite (FeS2)Pyrite occurs chiefly in two forms according to whether deposition took place along the bedding planes or along the intersecting faults and fractures. Deposition of pyrite along the bedding planes of dense, thinly banded shales ha,s produced a metasomatically altered shale in which the pyritic bands are from 0.02 to 0.03 mm. wide, and alternate with bands...

Jan 1, 1945

The Drake-Rivertree area lies in the far north east of the New England district of New South Wales. Drake is some 500 miles north of Sydney by road and 36 miles west of Lismore. Rivertree is situated 24 miles north of Drake.The Drake deposits were first worked in 1878 for gold which occurred in a very fine state in ferruginous gossan but at depth copper ore became more significant. The lodes at Rivertree, discovered in 1887, were worked for silver but mixed sulphides became more prominent in deeper levels.Several mines operated at each centre and each locality smelted its own ore.The mines at both centres were operated sporadically for many years though production was not particularly substantial.A number of the larger mining companies have shown a recent interest in this mining field with special emphasis on the Drake locality.GENERAL GEOLOGYThe two mining centres are situated to the north and south respectively of a belt of Permian marine sediments and volcanics similar to, and probably representing an easterly extension of, the rocks of the Emmaville district further west.E. C. Andrews (1907) recognized two stratigraphic units within what he called the Drake Series. The Lower Division consists of rhyolite flows, tuft's, breccias and agglomerates, followed by trachytic and andesitic tuft's containing cladochonns, thanmopora willcinsoni and other Permian forms.

Jan 1, 1962

The silver-lead ores of Yerranderie occur in a series of narrow, flat-dipping lodes in small bodies of quartz porphyry, intrusive into Upper Devonian volcanics, which are exposed in the western flank of the Permo-Triassic Basin of central New South Wales, about 80 miles south-west of Sydney (Harper, 1930; Lawrence, 1953). The lodes strike about E.-W. and are from 1,200ft. to 2,000ft. long. They consist of a series of ore shoots from 3ft. to 100ft. long, and up to 5ft. thick, though commonly under 2ft. thick, interspaced with low grade sections. They dip at from 18°S. to 400 S., and have persisted down the dip for 1,450ft. (693ft. vertical depth) in the Wollondilly mine, for 1,120ft. in the Bartlett's mine, and for 850ft. in the Wonga mine.The grade of ore in the Bartlett's mine was from 32% to 40% lead, from 100 oz. to 130 oz. silver per ton, 0.5 to 4.0% arsenic, with ore ,as rich as 20% arsenic on the No. 6 and No. 7 levels of the Silver Peak mine, the underlay extension of the Bartlett's lode, about 1% copper, and up to 4 dwt. gold per ton. In the Wollondilly mine the average grade was 15% lead, with sections as rich" as 36% lead, from 75 to 165 oz. silver per ton, 0.6 to 3.3% arsenic, 0.2 to 0.7% antimony, 0.8% copper, and up to 7...5. Cl~t. gold per ton. The zinc content of the ores is slight, and has not been recorded.Mining began about 1898, and to date more than 110,000 tons of ore, valued at £1,800,000, has been raised. Large scale mining ceased about 1935. The chief mines operating were the Bartlett's mine (formerly Colon Peak), the Silver Peaks, which is the underlay extension of the Bartlett's, the Wollondilly (or Yerranderie) mine, and the Wonga' (or Tonalli) mine.

Jan 1, 1953

It is my pleasure to deliver the first Keynote Address to the first joint conference between The Australasian Institute of Mining and- Metallurgy and The American Institute of Mining, Metallur- gical and Petroleum Engineers. I am particularly pleased to be participating in this first joint meet- ing as I have been a member of one Institute for 41 years and the other for 35 years. An examination of the membership of both Institutes confirms the fact that the mineral in- dustry is an international one. This has long been the case and basically stems from the occurrence of mineral resources in most countries of the world. It is therefore fitting that these two 'Inter- national Institutes', representing the professions involved in the mineral industry, should choose `International Resource Management' as the theme of the first joint conference. The topic of this Keynote Address is `The mineral equation' or the counterbalancing supply and demand items and the factors affecting them. I propose to attempt to present the overall picture of the mineral equation as subsequent papers and sessions will deal with specific items in more detail. My thesis is broad and deceptively simple; it is that the continued existence and growth of world material civilization depends, in large measure, on the continued use and further dis- covery of world mineral resources. Material civili- zation is used as a broad term to include the pro- duction of man's shelter and tools together with the production of the `consumer' goods and ser- vices needed by society. First let us spend a few minutes looking at the development of material civilization.

Jan 1, 1978

By F. K. Letowski

Leaching in froth is a particular case of a three phase (liquid-solid-gaseous) process which combines flotation with leaching by using a reactive gaseous reagent as a flotation carrier and a leaching solution as the reactive liquid medium to fonn the foam (froth) in' which the solid particles are suspended. Some physico-chemical and engineering aspects of leaching in froth are discussed and illustrated by its application for cleaning the mineral graphite. Leaching of the graphite concentrate containing 4L4% of the elemental carbon and 3.16% of the sulphidic 'sulphur was canied out in the froth fonned by: (a) a concentrated chloride solution, with a small addition of nitric acid, in the foam state; (b) a mixture of gaseous O2, NO., and H20 encapsulated in the foam; and (c) notable particles of graphite suspended in the foam. The laboratory experiments werecanied out in a "flotation column"-type reactor ala temperature from 80 to !08°C and under total pressure of 100 to 200kPa. In the 3-stage leaching-flotation process, the non-flotable fraction of particles was separated three times from the notable fraction. The concentration of carbon and elemental sulphur in the final flotable fraction was 96% C and 0.38% S respectively. The expected advantages and possible application in hydrometallurgy are suggested.

Jan 1, 1995

A concise country-by-country summary of the mineral industry of Africa is presented. Reserves, resources, role of the country in the world mineral supply, and developments in the mineral industries are reviewed. The data on each country are accompanied by a map showing mineral location and transportation facilities.

Jan 1, 1976

By George A. Morgan

The 53 countries that constituted Africa in 1991 accounted for a significant portion of total world output of a number of mineral commodities. However, total output for the continent declined for many major mineral commodities produced compared with that of 1990. Also, Africa's share of total world output of these commodities generally declined. (See tables 1 and 2.) The most conspicuous declines were for cobalt and copper owing to mining and metal processing difficulties experienced by the world's two largest cobalt producers, Zaire and Zambia. Phosphate rock output declined primarily owing to a sharp fall in production from Morocco, also a leading world producer. Morocco's state corporation for phosphate production experienced marketing problems, leading to the decline.

Jan 1, 1993

The 53 countries that constituted Africa in 1992 accounted for a significant portion of total world output of a number of mineral commodities. However, the continent's total output for a number of major mineral commodities declined relative to the volume produced during 1991. (See tables 1 and 2.) The most conspicuous declines in mineral production from 1991 to 1992 were for cobalt and copper (declines of 28.6 % and 23.4 %, respectively), which could be partially attributed to mining and metal processing difficulties caused by political and economic disruptions in Zaire and for uranium (12 % drop), for which much of the continental production decline was ascribed to Namibian cutbacks in response to lower world prices. The severe regional drought also adversely affected the mineral industry in a number of sub-Saharan nations.

Jan 1, 1994

By Michel C. Frippel

This section of the Minerals Yearbook reviews the minerals industries of 27 countries: the 12 nations of the European Community (Belgium, Dermark/Greenland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Spain, and the United Kingdom); 6 of the 7 nations of the European Free Trade Association (Austria, Finland, Iceland, Norway, Switzerland, and Sweden); Malta; the 8 Eastern European economies in transition (Albania, Bulgaria, Czechoslovakia, Hungary, Poland, Romania, and Yugoslavia); and the U.S.S.R. Western Europe Western Europe [loosely defined to include the 12 nations of the European Community (EC) and the 7 nations of the European Free Trade Association (EFTA)] is the single largest trading area and consumer of raw materials in the world. If Western Europe was at one time an important mining sector, it has now increasingly relegated the role of supplying minerals for its minerals processing industry to the more minerally endowed countries in North and South America, Africa, and Australia. In this regard, Western Europe is the most important determinant of raw materials consumption (and thus, indirectly, raw materials production). Western Europe has significant reserves of industrial minerals but has limited availability of metalliferous raw materials. It, therefore, imports significant quantities of the latter and ranks along with the United States and the U.S.S.R. in the production of refined metals. Nonetheless, there is an inherent tendency to underestimate the importance of Western Europe in the world of minerals, both as a minerals processor and raw materials buyer. The reason for this is that Western Europe is generally thought of on the basis of individual nations rather than as a whole. Viewed in this limited context, the United States, the U.S.S.R., and Japan appear to dominate the world economy. Viewed as one regional area, however, Western Europe includes the fourth (FRG), fifth (France), sixth (United Kingdom) and seventh (Italy) largest economies of the world, all bordering on one another. With the remaining 15 EC and EFTA countries, Western Europe has a land area approximately 40 % of that of the United States, exceeds the U.S. population by 50 % and has a gross domestic product about the same as that of the United States.

Jan 1, 1993

By Michel C. Frippel

This section of the Minerals Yearbook reviews the minerals industries of 29 countries: the 12 nations of the European Community (Belgium, France, the Federal Republic of Germany (FRG), Italy, Greece, the Netherlands, Denmark/Greenland, Spain, Portugal, Luxembourg, the United Kingdom, and Ireland); 6 of the 7 nations of the European Free Trade Association (Sweden, Nor-way, Finland, Iceland, Austria, and Switzerland); Malta; the 8 Centrally Planned Economies of Eastern Europe (the German Democratic Republic (GDR), Poland, Yugoslavia, Albania, Hungary, Czechoslovakia, Romania, and Bulgaria); and the U.S.S.R. Western Europe Western Europe [loosely defined to include the 12 nations of the European Com-munity (EC) and the 7 nations of the European Free Trade Association (EFTA)] is the single largest trading area and consumer of raw materials in the world. If Western Europe was at one time an important mining sector, it has now increasingly relegated the role of supplying minerals for its minerals processing industry to its ex-colonies in North and South America, Africa, and Australia. In this regard, Western Europe is the most important determinant of raw materials consumption (and thus raw materials production). There is an important reason for this since Western Europe lies somewhere between Japan at one extreme and the United States and the U.S.S.R. at the other extreme as regards the availability of natural resources.

Jan 1, 1992

By Michel C. Frippel

This section of the Minerals Yearbook reviews the minerals industries of 29 countries: the 12 nations of the European Community (Belgium, France, the Federal Republic of Germany (FRG), Italy, Greece, the Netherlands, Denmark/Greenland, Spain, Portugal, Luxembourg, The United Kingdom, and Ireland); 6 of the 7 nations of the European Free Trade Association (Sweden, Norway, Finland, Iceland, Austria, and Switzerland); Malta; the 8 Centrally Planned Economies of Eastern Europe (the German Democratic Republic (GDR), Poland, Yugoslavia, Albania, Hungary, Czechoslovakia, Romania, and Bulgaria); and the U.S.S.R. Western Europe Western Europe [loosely defined to include the 12 nations of the European Com-munity (EC) and the 7 nations of the European Free Trade Association (EFTA)] is the single largest trading area and consumer of raw materials in the world. If Western Europe was at one time an important mining sector, it has now increasingly relegated the role of supplying minerals for its minerals processing industry to its ex-colonies in North and South America, Africa, and Australia. In this regard, Western Europe is the most important determinant of raw materials consumption (and thus, indirectly, raw materials production). There is an important reason for this since Western Europe lies somewhere between Japan at one extreme and the United States and the U.S.S.R. at the other extreme as regards the availability of natural resources.

Jan 1, 1992

By Orlando Martino

This regional report covers the mineral industries of Canada and 40 countries and areas in Latin America and the Caribbean Basin. Also included is a brief description of the mineral potential of Antarctica. The Latin American region encompasses an area twice that of the United States. Latin America and Canada have a rich and diversified endowment of mineral fuels, metals, and industrial minerals. Tables 1 and 2 provide a summary view of Latin America and Canada's output of its major mineral commodities in world mineral supply in 1990 and 1991. Table 3 shows the relative importance of a selected group of minerals produced in Latin America in the world mineral economy.

Jan 1, 1993

THE mineral resources of New England fall almost entirely in the non-metallic group. Metal produc-tion is so insignificant that no separate figures are obtainable; whatever production there may be is in-cluded in the miscellaneous group. The non-metallic industries, however, are of considerable importance, the production of the six states in 1925 approaching $55,000,000. As indicated in the accompanying table compiled from Bureau of Mines statistics, the chief mineral prod-ucts are structural materials, such as stone, clay products and lime. It is, significant that. the New En-gland States take the lead in several of these important commodities: Massachusetts stands first as a granite producer, with Vermont second, the New England, States producing 45 per cent of the United States total. In marble production Vermont stands first, Vermont .and Massachusetts together producing 38 per cent of the United States total. New Hampshire is second and Maine third in feldspar production, Vermont second in both slate and talc, and New Hampshire first as a mica mining state. In nine instances New England .States rank either first, second or third in the order of production of important non-metallic minerals. What prospect is there for future expansion of these industries? They are all substantial in character, the minerals as a whole are essential in industry, and there is little prospect of a diminishing demand for them. A every important step in the direction of expansion is to lower production costs. The National Research Coun-cil has determined that research throughout the country is now being directed mainly toward this end, and the New England mining industries must stand in the fore-front in this movement if they are to compete success-fully. Cost reduction may be accomplished by wider use of the most - approved equipment and methods. Progress in the metallurgy of iron and steel has far outstripped the progress along similar lines in the non-metals.

Jan 6, 1928

By George A. Morgan

The production and processing of crude petroleum and natural gas are the dominant economic sectors of the Middle East. Downstream processing of these mineral fuels to petrochemicals and fertilizers is a major investment opportunity. In 1991, the 15 countries that constituted the region accounted for 26 % of world crude petroleum output, 15.3 % of world natural gas plant liquid production, and 4.5 % of world dry natural gas production. Only Cyprus and Lebanon were not crude petroleum producers. Production of these mineral fuels all declined from that of 1990 owing to the Persian Gulf War, during which output from Kuwait and Iraq either ceased owing to war damage, or was embargoed. Prior to the war, Iraq and Kuwait were the fourth and fifth largest world producers of crude petroleum, respectively. In the war, virtually all of Kuwait's production and transport facilities were destroyed or damaged. Iraq's output was embargoed from export, with only domestic sales taking place. The embargo also affected Jordan, both in terms of transshipment of materials through it to Iraq and in exports of phosphate and potash. Shipments of crude petroleum by pipeline from Iraq through Saudi Arabia and Turkey and by vessel through the Persian Gulf were terminated. However, the loss in production from Iraq and Kuwait was made up by accelerated output from other Middle East and world producers. Saudi Arabia, in particular, with its excess production capacity, accounted for the largest portion, increasing crude petroleum output by 27 % to almost 3 billion barrels.

Jan 1, 1993

By Charles Camsell

At the last annual meeting of this Institute the programme very properly was drawn up and carried out with the special object of calling attention to the Dominion's position and problems with regard to fuel supplies. That subject, always one of serious concern, was a source of considerable anxiety twelve months ago. It is still so, but in a decidedly less degree than at that time. So far as the immediate fuel situation is concerned our anxieties have been relieved. And I think we can safely say that such a consciousness of our difficulties and determination to overcome them, has been developed in the minds of our people that there will be no slackening of the offensive until a final solution is reached. In selecting a subject of major importance for the present occasion I have felt free to digress from the pressing problems of last year and to go back, for a starting point, to the presidential address of two years ago .. I do not, however, wish to enter the controversy that has developed as a result of that address, though in spite of my own failure to amass a fortune from participation in certain mining ventures, I am decidedly inclined to the optimistic view that Dr. Corless presented of the future of our mining industry. You will perhaps have observed that in its general wording the title of my paper bears a marked resemblance to that of that address. This simila1ity of titles is not accidental. It is intentional on my part.

Jan 1, 1924

By Scott Tzcrner

WITHIN recent years people have begun to realize the importance and significance of the mining and allied industries. The leading part the engineer plays in civilization is becoming recognized. However accurate quantitative knowledge of the industrial importance of mining is still seldom possessed except by those close to this business. It is true that there are a few who go to the extreme and represent the whole progress of civilization as a reflection of man's gradual mastery of mineral utilization, but on the whole, the magnitude of the-industry is underestimated. In this paper I shall call attention briefly to the importance of mining in the United States, in Canada, and in the world. Ordinarily, the annual primary mineral production of the United States is about $5,500,000,000. The average for the last 5 years has been a little over that, but last year, sadly enough, it was less than 31/4 billion. Just now, we are on the decline, and have been for the last two years. In Canada, the 5-year average was about $268,000,000, and last year it was 227 million. Due in part to gold mines (in 1930, for the first time, Canada's gold production exceeded that of the United States), the Canadian average is holding up better than ours. Average world mineral production over the last -5 years has been estimated at about $12,000,000;000 whereas in 1931 it was less than than 8 billion.

Jan 1, 1932