50 YEARS AGO (March 01, 1992)

MINE TAX RATES NOT CLEAR YET

Changes in taxation on mining as the result of the tax deals made between the Dominion and the provinces are not yet clear. In principle it is proposed that the provinces vacate the income tax field and, while it is being done in all cases, it would appear that special forms of taxation will be put into effect by Ontario and British Columbia.

Nothing official has yet come out of Quebec, but it is stated semi-officially that mining taxes there will be confined to those of the Dominion.

SOME MINE,

SOME GRADE!

Utah Copper has recently been sending over 100,000 tons of ore daily out of Bingham Canyon, some 30% above the previous peak production. It runs between 0.8-0.9% copper — worthless rock only a few years ago — and enough molybdenum to make the mine rank second to Climax Molybdenum and enough gold to rank it third in the U.S.

JAPANESE GAINS

HURT STOCKS

Further Japanese gains in the war in the East were translated into more losses in the mining market during the past week. There was little evidence of support for even the blue chips and several new lows for the year or longer were established.

Mining shareholders found some comfort in the fact that industrial shares fared no better than their favorites.

LA LUZ PRODUCTION

SETS NEW RECORD

La Luz Mines Limited, Ventures-Sudbury Basin controlled gold producer in Nicaragua, established new high records in tonnage of ore treated and in bullion recovery during the first quarter of the company’s current fiscal year. During the quarter, 104,000 tons were milled, gross output from which was $716,455, or $6.89 per ton.

This compares with production of $676,467 from 98,324 tons or $6.88 per ton. Operating and administrative costs per ton were $2.64.

GUNNAR MILLING

HIGH-GRADE ORE

Gunnar Gold Mines is receiving high-grade gold ore from the Rockland-Ogama property in Manitoba, which is being developed under a lease arrangement under which Gunnar receives the bulk of the profit. Late last fall, G.A. LaBine, president, stated that an extensive program of development was being conducted at the Gunnar property to a depth of 2,000 ft. and results to be obtained from this work would determine the future of the mine.

NORTH POPULATION

GROWS RAPIDLY

The recent census has disclosed that the population of the northern areas of Ontario have gained approximately 93,000 in the past 10 years. While the area concerned is large it has always been sparsly settled and it can be said that the mining industry has been almost entirely responsible for the growth in the past decade.

Sudbury, at 31,888 souls, is up 18,518 in the period. Timmins made a still better advance, with 14,344 people added. All of the towns in the mining areas did not gain. Cobalt, on the downhill for years, lost 1,493 people.