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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - October 9, 1973, Lethbridge, Alberta 24 THE LETHBHIDGE HERALD Tuesday, UCIODvr B.C. MINING INDUSTRY DECLINES Beats counting sheep (CPi The Mmmp Association of British Columbia reported the mining industrv in B C showed a marked decline in expansion in 1972 when compared with 1971 when it reached a peak The association's 1972 economic report on the B C cind Yukon mining industries new capital inflow .in B C necessan to expand or develop mines declined to 8 million That figure is 56 per cent of the 1971 total and is less than in any >ear since 1968. The study is based upon in- formation derived from 51 mining companies in B C The report notes that while net capital inflow declined in B C more capital was available in the Yukon but was not spent The report states that com- pletion ol construction of several major new mines in late 1971 and earK 1972 was the puncipal factor in reduc- ing the industry's r e quirenvnts for new capital Based upon the smaller number ot projects at present in the development state, it is unhkelv that the record levels established in 1970 and 1971 will be repeated for several The report also states that capital expenditures in mining dropped to SI 12 million in 1972 the lowest total in the last live years and .13 per cent ot the 1971 ot S340 million A forecast of capital expen- ditures lor 1973 shows a total of S61 million while those in subsequent are ex- pected to reduce even more sharplv for the high levels ex- perienced in recent years Total mining sales in B C rose to million, a record high, and were a 24-per-cent increase over the 1971 figure. Exploration and develop- ment expenditures amounted to S72 million a gain of 10 per cent over the 1971 figure The expenditures by the in- dustry in 1972 had an income el feet of million in B C compared with million in 1971 which accounted for six and eight per cent of the gross provincial product respec- tively The report also states that the 51 mining companies paid 1972 taxes totalling 4 million to the province of B C local municipalities and the federal government. Copper was the leading producer in 1972 with 37 per cent of sales while coal was the second largest revenue producer with 17 per cent of total sales In the Yukon, while total mining revenues established a record high of S73 1 million last year nine per cent higher than in 1971. capital expen- ditures were at their lowest level since 1964 For the third year in a row there was a significant decline in total ex- ploration and development ex- penditures. Total expenditures for ex- ploration and development in the Yukon were S4 5 million last year, only half of the 1971 total Japan continued to be the in- dustry s largest customer, ac- counting for 59 per cent of total sales The U S was the second largest single market with 13 per cent, and exports to Europe and other foreign countries was 24 per cent Sue Corbett, an employee of the British American Bank Note Company in Ot- tawa, checks serial num- bers of the new Canada Savings Bonds which went on sale last Wednesday. Every bond is checked at each stage of printing be- fore being shipped to the Bank of Canada. Livestock Calgary CALGARY ;