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Show Utah's mineral property valuation is growing ' Utah's mineral property valuation for 1978 shows a slight increase over the year before despite declining declin-ing trends in the copper industry and reduced oil and gas production in the state. Total 1978 assessed valuation is $460,169,541 -up from the 1977 assessed valuation of 5430,542,437. It also falls short of the 1976 assessment of $501,-433.798. $501,-433.798. The 1978 figure includes in-cludes a slight rise in mining properties from 1977's $215,297,103 to $227,263,006. Of that, $56,712,165 assessed valuation val-uation is on sand and gravel and other valuable deposits. 1978 oil and gas assessed valuation is $232,906,535 an increase over 1977's $215,245,334. 1978 assessed valuation on all public utilities and mines in Utah was S951.617.514. Mineral properties share the largest larg-est portion. ..48. 36 percent of the total. Assessed valuation on air line companies for 1978 was $6,151,491; gas companies, compan-ies, $27,864,516; pipe line companies, $20,825,049; power companies $212,069,060; railroad co-panies, co-panies, $66,726,4S4; telegraph tele-graph and telephone companies com-panies $127,562,966; terminal ter-minal companies, $1,113,421; water companies, com-panies, $409,755; automobile, automo-bile, passenger and freight companies and car companies, $18,725,231. A statistical study of records of the Mineral Property Division, Utah State Tax Commission revenl that the 1978 Mine Occupation Tax (which is based on actual sales of ore mineralshydrocarbons mineralshydrocar-bons by producers) reached reach-ed $8,458,501 - up slightly from 1977's $8,413,065. The 1978 tax includes $6,162,168 on oil and gas ; production and $2,296,333 on mine production. Although Al-though copper sales decreased de-creased some $424,000 from Kennecott Copper Corporation's assess- ment, KCC paid $1,608,-855 $1,608,-855 during 1978. Increases In-creases in uranium production pro-duction brought larger payments. Atlas Minerals paid $100,137 - up from 1977's $75,243 and Rio Algom Corporation paid $113,155 from its Lisbon properties an increase over 1977's $50,750. Iron Ore production increases brought higher payments from the Iron Springs Iron mining district. United States Steel paid $41,720 from the Lindsay Hill mine and $70,157 from the Mountain Lion mine. Utah International, Inc., paid $54,114 an increase over the 1977 tax of $29,621 from the Excelsior Group mines. Thirty-one mining companies com-panies paid the 1978 Utah Occupation Tax from a total of 47 producing properties. The 1978 payments to Utah on occupation taxes to the Oil & Gas industry of $6,162,168 was an increase over the 1977 figures of $5,915,867. As was true the year before, Chevron Oil Company paid the highest amount -$1,015,434 from its Alta-mont. Alta-mont. Bluebell and Red Wash fields. Shell Oil. in second place, paid $1,-006.496 $1,-006.496 from its Altamont field. Texaco, for several years in third place, dropped to fourth and was replaced by American Quasar Petroleum Company Com-pany who paid $912,564 from its Pineview field properties. Texaco's payment pay-ment was $578,452 from the Greater Aneth area. Superior Oil's payment from the McElmo Creek vicinity was $455,281. Other payments exceeding exceed-ing $100,000 were made by Champlin Petroleum, Flying Diamond Corporation. Corpora-tion. Gulf Oil, Koch Exploration. Mapco, Inc., and Union Oil of California. Californ-ia. Fifty-three oil and gas companies paid 1978 Utah Occupation Tax from 102 , oil and gas field operations. opera-tions. Oil and Gas and mining operations brought increases in assessed as-sessed valuation to 22 of I the 29 counties in Utah with the largest increase in assessments noted in Summit County. It rose from 1977's $24,527,904 to $60,792,277 as a result " of increased exploration and development of the Pineview field and vicin-ity. vicin-ity. Increased uranium developments in San Juan ' County also increased -assessed valuation from 76.4 million to 90.3 million. |