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Show 444. a 2 M i VOL. 1 NO. 46 JANUARY 26, 1970 25 Cents per Copy U.S. copper firms look homeward for profits NEW YORK-Wi- th increasing intervention of overseas governments in copper operations, US firms are turning more to of mines development copper within their own country. The latest and perhaps the most important potentially is a combined copper-iro- n discovery made by the US Steel Corp. in Nevada. There were reports, still unconfirmed, that ITS Stell has asked Anaconda Co. for help in developing the rich ore deposit. The US Steel find is in Pumpkin Hollow, only six miles from an Anaconda operation. Another small PRESIDENTS OF EBONY OIL AND CLASSIC MINING, Allen Avery, left, and Ray Ross, peruse contract by which Ebony will one in a proven field, the enter venture with Classic on two wells well.. a an to offset other producing Ebony Oil buys piece of Classic action Allen Avery, president, Ebony Oil Company, Salt Lake City, has announced a joint venture agreement with Gassic Mining Corporation, also of Salt Lake Gty. In a letter to shareholders Mr. said the agreement Avery consists of 50 per cent for Ebony in two agreement one currently Classic wells a being drilled in Guernsey Ohio, in a major gas County, producing field, and the other in Carbon County, Wyoming, near Classics recently announced discovery well. The Wyoming well an is actually offset of Classics Classic-Govern- ment No. 2 well, located about 1,000 yards away from the well on Gassics Mr. Avery said the agreement also includes assignment of property and options to participate in future wells to be drilled on Gassics Wyoming properties and on properties on farmout from Pan American. Ebony Oil paid an undisclosed amount of cash for the interest in the wells. In the shareholder letter Mr. Avery also discussed a nine-we- ll drilling program in South Dakota in which Ebony is engaged with several other companies. He said problems encountered by the operator have delayed work on the project, but work would be resumed in February. farmout from Pan American Petroleum on Union Pacific In the South Dakota project Ebony will acquire 25,000 acres, checkerboard over a 140,000 Railroad Company land in the area. acre area at the conclusion of the drilling program. mining company. Lowland Minerals Corp., has copper mining rights next to the US Steel claim. Lowland says that both Cerro Corp. and McIntyre Pbrcupine Mines are interested in its acreage. Both Zambia and Chile, the largest overseas copper producers, have recently taken majority interest in the iming operations within their borders. The takeover in both cases was amicable, with the countries planning to pay for a the majority interest with their share of the copper produced. Peru has not taken over any copper mines but has told one outside mining company it must agree to expensive development of its property or lose the mining concesseion. Even Mexico has decreed the Mexicanization of the Cananea copper mine near the US border. In this case, the shares can be sold to Mexican citizens, not necessarily to the government as in the case of Chile and Zambia. There is no current indication of trouble between the government foreign shareholders and the in the Zambian situation. However, the experience of in which the overseas governments have pressed for higher prices, shows what can happen. oil companies, Fusion reactor to unlock garbage mines? In a world facing a shrinking reserve of natural resources, theres a lot of truth in the modern proverb that todays garbage dumps will be tomorrows mines. And two Atomic Energy Commission scientists believe a fusion torch will unlock these mines. Dr. Bernard Eastlund and Dr. William Gough are working toward taming a fusion reaction the burning of - the almost unlimited amounts of heavy hydrogen naturally present in all water - to produce power. The fusion reaction is the same kind of reaction that takes place in the sun and stars. However, controlled fusion should not be viewed solely as another means of providing heat to generate electricity, according to Dr. Eastlund, but rather it should be investigated as a new prime energy source. Dr. Gough adds that research aimed at controlling fusion energy - a worldwide has been cooperative effort making significant advances. He explains: Fusion power offers many advantages as an - energy source - fuel is inexpensive, widely available, and the supply virtually it releases no combustion products to the air and its reaction products are not radioactive; and it has the potential of operating extremely efficiently which reduces the amount of heat released to the environment. inexhaustible; The two scientists believe once fusion devices are developed, they can be used to treat trash. The garbage will be vaporized by the extreme heat of hundreds of millions of degrees, and will be broken down into its most basic elements for reuse by industry. They admit development of such a device may take a few decades, but they know there is a ready market in a world by growing plagued environmental problems. During the period from 1965 to the year 2000, it has been postulated that almost 10 billion tons of solid refuse will have been accumulated in the United States alone. If compacted and buried to a depth of 20 feet, a land area the size of Rhode Island would be required. The United States today is a have-not nation where most raw materials are concerned. Of the 100 minerals most important to its industries, the U. S. possesses within its boundaries adequate supplies of only about a dozen. The fusion torch or some similar concept cannot be developed too soon when one contemplates statistics like these, the two scientists state. Canadian hails new Arctic oil Jean Giretien, minister of Indian Affairs and Northern Development, has praised a new oil find in the Mackenzie River Delta in the Arctic as significant and encouraging. OTTAWA The minister said he welcomed news of a successful oil drilling test at the Imperial (XI Atkinson wildcat well, on the Arctic coast 40 miles northeast of Tuktoyaktuk. Imperial said oil flowed to the. surface from the sandstone zone at a drilling depth of 5,700 feet. Chretien said it would be prenature to assume the discovery will be commercially exploitable, but he called it most significant in its demonstration that oil is present in the thick sedimentary wedge underlying the Mackenzie River Delta. He said he hoped the find would stimulate early drilling in the delta region and nearby offshore areas. The delta widens and extends northward from the river mouth into the Beaufort Sea. Atkinson will find provide great encouragement to The other individuals and corporations holding more than 440,000 acres under federal oil and gas exploratory permits the area, Chretien said. in |