AMERICAN SMELTING SAVED MT. ISA

Press, Volume CIV, Issue 30741, 4 May 1965, Page 21

AMERICAN SMELTING SAVED MT. ISA

Had it not been for the American Smelting and Refining Company, Mt. Isa Mines would have failed, said the chairman (Mr R. G. Fisher) in the Australian Finance and Commerce newsletter.

Addressing the Commonwealth Mining and Metallurgical Congress at Surfers’ Paradise, Mr Fisher said that Mt. Isa was a good example of successful AustralianAmerican co-operation. Today, Mt. Isa earned more in exports for Australia than any other company. It was managed by Australians and received no direction from the United States. Export Earnings Export earnings were 10 times greater than the socalled dividend drain, he said. The yearly dividends were about £sm. To develop Mt. Isa from the

grass roots to its present stage would cost £loom today. Australia has not the capital resources to develop its mining industry fully and must look to overseas companies for financial and technical assistance, said Mr Fisher.

There would be many more large mining discoveries in northern Australia in coming years but the days of the discovery of high grade outcropping deposits were over. Most future discoveries would be of a low grade nature, but extensive, and requiring very large amounts of capital for development, he added.