Word: deposit
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...York City area, where over half of the bonds were sold, sales to noncommercial banking sources (individuals, corporations, insurance companies, savings banks) ran to about 68% of the total. As a general rule such sales can be counted as less inflationary than sales to commercial banks which create new deposit money...
Existence of some such deposit was suspected ever since the Mesabi was opened up a half century ago. But it was not till 1930 that a prospector and scout, Jules G. Cross, made a survey of the region, which led to the formation of the Steep Rock Iron Mines, Ltd. Backing the company is Cyrus Eaton, creator of Republic Steel, who is arranging a $7,500,000 bond issue...
Priorities on U.S. machinery still have to be arranged and the earliest that mining could commence would be 1944. Proven reserves now amount to 32,000,000 tons, but if the bed is 3,000 ft. deep-which engineers hold not unlikely-the deposit would run close to a half a billion tons (or about half the Mesabi's 1.2 billions); and in this case Canada, which now consumes about 2,000,000 tons of ore per year and imports most of it, will almost certainly become an exporter...
...United Nations had a great piece of luck. In Washington, mining officials happily announced that a "large deposit" of molybdenite had been discovered about 400 miles northwest of Quebec. Molybdenite yields molybdenum, a white, slippery alloying metal which is so vital in armor plate and guns that it is No. 1 on Canada's strategic list...
...bonanza was prospected-and is mostly owned-by Canada's veteran gold miner, Dome Mines Ltd. Engineers of Dome stumbled on the deposit last August when they were frantically looking for something to replace moribund gold digging. Dome will spend $250,000 for new facilities, hopes to mine over 2,000,000 Ib. of the stuff annually-roughly 6% of world production and enough to supply practically all Canadian steel mills. To Dome this is a financial break: molybdenum sells for about 80? a Ib. At peak output the company should gross over $1,600,000 a year...