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Show April 7, 1969 I Page; 2 OIL & MINING JOURNAL Rocky Mtn. OIL MINING JOURNAL & Published weekly in Salt Lake City, Utah, by Utah Scene Publishing, P.O. Box 71, Salt Lake City, Utah 84110. Serving the mining and oil industries of the Rocky Mountain Region. 25$ per copy. Subscription rate $10 per year. Editor & Publisher - Chuck Hayward GSL project notes progress OGDEN, Utah-T- he precipitation that has heavy lashed Utahs Wasatch Mountains front apparently has had only small effect on the first major efforts to mine the Great Salt Lake. Lithium Corporation of of America, wholly-owneGulf Resources and SINCE THE beginning of the subsidiary of Chemicals Co., Houston, and 49 per cent by Salzdetfurth A.G. Hanover, West Germany. Lake Valley and the surrounding mountains. But for whatever reason, the Preliminary steps rely heavily increase in precipitation over upon the effect of sun and heat Great Salt Lake Minerals and on vast evaporation ponds. It is Chemicals Co.s ponds has been in these ponds that certain basic one inch above normal. chemicals are precipitated out only is well within acceptable That on sequential steps. according bounds of the Great Salt Lake Minerals and fo Jerome project, A. Lukes, vice Chemicals Co. is now in the president of operations. second year of a precipitation Advance planning anticipated cycle aimed at recovering such of a as end products potash, the the before lithium and chloride magnesium be could dike system salts. present be farmers And while may inundated. praying for rain to help their Great Salt Lake Minerals and harvest, lake chemists have been is held 51 per cent by Chemicals praying for sun. 100-year-flo- EDITORIAL d water year, heavy amounts snow have hit the Great Salt THE PRECIPITATION ponds are presently in the dry reaches of Bear River Bay on the northeast arm of the Great Salt Lake. The brines are being pumped from the northwest arm of the Lake into the ponds. The northwest arm has a higher concentration of brine than other parts of the lake because of the walling effect of the Southern Pacific causeway. There is little flow of fresh water into the lake on the northwest arm. possibility i Walker Winter, Chicago, vice president of the U.S. Chamber of Commerce, testified before the House Ways and Means Committee last week and urged Congress to leave unchanged the tax laws on oil depletion, capital gains, stock options and a number of other targets of tax reform advocates. He urged the committee to study tax as a partial substitute for the value-addincome taxes. ed In opposing change in the 27.5 per cent oil depletion allowance and allowances for other mining enterprises, Winter said in prepared ...tax laws must recognize that rising energy demands... require the constant development and maintenance of a healthy petroleum industry. And, he said, existing law contains adequate provisions to cover abuses of the capital gains tax. Winter cited increased use of the value-addtax by European countries in his testimony. Similar in some respects to a manufacturers excise tax such as the U.S. tax on automobiles, it is levied at various stages in the processing of raw materials into finished products. France adopted such a tax in the early 1950s and West Germany ed last year, he said. AEC gives N -power plant okay electrical to WASHINGTON-Perm- its nuclear power plant near Benton Harbor, Mich., have been issued to the Indiana & Michigan Electric Co. build a two-un- it the Atomic Energy by Division of Commissions output of about Electric Power Co., Inc. of New. York, will build its two-un- it Donald C. Cook Nuclear. Plant on a 650-acr- 1,054,000 kilowatts. The American Electric Power Service Corp. willfor act I&M site on the eastern e shore of Lake Michigan in Lake as and will be responsible for the design and construction of the entire plant. The nuclear steam supply systems will be furnished by Westinghouse Electric Corp. architect-engine- Township, about 11 miles south southwest of Benton Harbor. Reactor Licensing. Each unit of the facility will Indiana & Michigan, a wholly use a pressurized water reactor owned subsidiary of American and will have an initial net er Our Readers Write. Gentlemen: Dear Mr. Huch, I understand that you publish the Rocky Mountain Oil and Mining Journal, and that this is available upon request. Therefore, it would be appreciated if you would add my name to your mailing list. publish the Rocky Mountain Oil and Mining Journal, and it is sent to our subscribers at the rate of $10 per year. Sincerely yours, THE GALIGHER COMPANY R. O. Huch We do We do make sporadic complimentary mailings to several different lists, which may give some people the impression the publication is free. It isnt, and the only way to be sure of getting the Rocky Mountain Oil and Mining Journal every week is to join our rapidly-growilist of subscribers. ng Metallurgist lot of study is needed before the U.S. makes any decision on the value-addtax, but we would underscore Mr. Winters remarks We feel a ed in defense of depletion allowances. His comments on the rising energy needs of the Nation reflect a recent study by the Chase Manhattan Bank which indicates that more than 75 per cent more energy will be needed by the United States in the next ten years than was. used in the proceeding fifteen. Some 70 per cent of this total energy output will be required from the oil and gas industry alone. However, present known reserves of oil and gas will not be sufficient to meet those needs. The oil Indus try wilL need to find 115 billion rels of oil anti over 400 trillion cubic feet 6f tural gas, according to Chasie Manhattan. Doyles Dres-Drillin- WESTERN STEEL SERVICE CENTER g Go. . ccanuocs Samos COMPLETE WAREHOUSE SBIVICE AH ; . ... MSag O Tasacb Cara M ygBigffaj DABS T Geologists know oil and gas reserves exist in the earth if capital is available to find them; The bank study notes , The tremendous quantity of capital required to achieve an adequate ratio of reserves to consumption is not likely to be attracted without a significant improvement in the economic environment. - . - . In other words , during this time of skyrocketing energy needs, now is no time to reduce or eliminate a tax provision designed to encourage exploration and development of new mineral -F- lAXES-StCEIS attBXTOSCtXO STO. O Ctaltn ttdg. OfflCES-Crando- tl - . . CMy, 801: 407-36- fX. Aik. i ai . 5 W.MAn. 320-054- 1 jO. !, Wuh. Utsrcnti SlHL Coqpaht PjO. Bee MM UwwWl, Ky. ALSO FABQCAKKS OF PLATE AND RBNFQRCING STEEL Fonlfi Offlcn: Reform 4031104 Mextc City S D.F. CesMe 1144 Cesille 21-SiHtligo, Chile Lime, Pent D . PHONE Y PjO. 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