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Show Much 23. 1956 The Western Mineral Surrey. Salt Lake City. Utah Page 7 Pipeline Near Finish Meanwhile No Effect In U.S. 'acific KLW. To Import, Sell Canadian Gas Says Anaconda Of Chile Prices HOUSTON, Texas The Pacific Northwest Pipeline Corporation announced today its plan for financing the construction of facilities for the importation and sale of natural gas from Canada. The total amount involved is in excess of $50,000,000 which brings the total capitalization of the company to approximately $217,000,000. C. R. Williams, president of Pacific Northwest Pipeline Corp. who made the announcement in Houston, said that die proceeds o this new financing will be used for the installation of large di- west area with natural gas proameter pipe at the northern end ducing areas in the San Juan of its pipeline system, extension Basin of New Mexico and Coloof its line to the proposed point rado and from fields in Wyoming. of interconnection at the International Boundary, construction of This construction is well adadditional sales laterals and in- vanced and the company plans to stallation of additional compres- start initial operation in August of this year. sor facilities. The present expansion which provides for the importation of Canadian gas will provide a natural gas sales capacity for the Pacific Northwest system of 643,-00- 0 Mcf per day. The natural gas to be imported from Canada will nancing program. be purchased from Westcoast The new securities to be sold Transmission Company Limited by the company include $35,000,-00- 0 and is expected to become availof additional First Mortgage able by the end of 1957. Bonds and $10,000,000 of 5.6 per The company also announced cent Interim Notes being sold by direct placement with institution- plans to expand the operations of al investors. The balance of addi- its production subsidiary. tional financing will be repreThis plan provides for the sale sented by bank loans due 1962 and of one share of Northweg Procommon stock in the amount of duction Company stock for each approximately 280,000 shares be- share of Pacific Northwest Pipeing sold in connection with sub- line presently outstanding to scription contracts which were en- Pacific stockholders of record, tered into at the time of the this sale will increase the producoriginal financing in the spring tion companys available cash to over $3,000,000. The plan further of 1955. provides that Northwest ProducUpon completion of the addi- tion will acquire approximately tional financing, the capitalization 83,000 acres of leases in the San of the company will be as follows: Juan Basin. The company plans First Mortgage Bonds to expand the scope of its acbank loans and other un- tivities generally and to develop secured gebt $35,075,000; In- the acreage in the San Juan terim Notes payable in Preferred Basin. Stock $23,020,000; unsecured To File Soon notes payable at the companys option in Preferred Stock A registration statement with Common Stock approx- .respect to this proposed offering imately 3,000,000 shares. is expected soon to be filed with the Securities and Exchange ComPipeline Readied mission. Upon completion of the Pacific is now engaged in the offering, Pacific Northwest Pipeconstruction of 1,487 miles main line Corporation will continue to line and approximately 800 miles hold approximately 70 per cent of of supply and sales laterals link- the common stock of Northwest ing markets in the Pacific North Production Company. Pacific Northwest Pipeline also proposes to acquire 25 per cent of the common stock of Westcoast Transmission Co. Ltd. to be outstanding upon completion of the latter company's forthcoming fi- $128,-200,00- 0; $5,-654,00- 0; IT PATS DIVIDENDS WHEN YOU DRIVE INTO TUCKER'S AUTO SERVICE JESS TUCKER, Manager Complete Automotive Repairs, Automatic Transmissions, Carburetors, Ignition Work - ALL WORK GUARANTEED 21 East 13th South Phone. HU - 4-79- 61 SALT LAKE CITY. UTAH Serving the Intermountain West RAY DRILLING CO., INC. ft EXPLORATION DRILLING and CONTRACTORS Main Office 343 So. State St., Salt Lake City Phone ELgin Riverton, Wyoming Phone: 219-N- W 5-93- 45 Green River, Utah Phone: 2732 The decision of the Anaconda Company in Chile to buy Chilean copper at London prices, will have no effect on Anaconda policies in the western states, according to Dr. M. B. Kildale, engineering and geological department, Salt Lake City. Chiles largest copper producer, announced this week it will buy Chilean copper at London prices rather than the New York price of 46 cents a pound in compliance with a Chilean governmental request. Other American companies operating in Chile are expected to follow Anacondas lead. One effect of the move will be uniformity in copper price in all world markets instead of one in Europe and another in the United States. The London price of nearly seven cents over the New York e price is an high for copthe world market. per prices in Chile will stand to gain an additional $52 million revenue under the new prices on the basis of the 1956 estimated production of 450,000 tons. Chile at present is shipping s about of its copper production to Europe and one-thirto the U.S. to take advantage of the higher price in Europe. all-tim- THE SCENIC INCH Is Northwest Pacifics name for their 1466 mile natural gas pipeline. Initial operation is scheduled for August. The company now plans importation of Canadian gas. two-third- d Grand Junction AEC Names Three Wyo. Governor To Head Meet To Top Posts In Exploration Div. Three appointments in the Exploration Division of the Grand Junction Operations Office of the Atomic Energy Commission announced today by Manager Allan E. Jones include a Deputy Director of the Division, a Staff Engineer, and a Chief of the Engineering Services Branch. John G. Barry, the new Deputy Director, has served as staff engineer for nearly a year and also as acting chief of the Geologic Branch. Philip H. Dodd, geologist, becomes staff engineer. The new chief of the Engineering Services Branch is Merle E. Crew, who has served as acting chief of this branch for several months. The Exploration Division conducts the Commissions program for the discovery and appraisal of uranium ore deposits in the Colorado Flateau area. E. R. Gordon is Director of this Division. Deputy Director Barry is a native of Massachusetts and a graduate of the Massachusetts Institute of Technology. His long and varied experience includes positions as an instructor in geology at the University of North Dakota and at MIT, and as president of Texas College of Mines (Texas Western of University of Texas). He was chief mining geologist for the American Smelting & Refining Company in El Paso, Texas, and has done private consulting work for many years in Mexico and in the southwestern United States. He was also chief of geological investigations for Metals Reserve, Board of Economic Warfare in Mexico City during World War II. During the first world war, Mr. Barry was a lieutenant colonel in the chemical Warfare service in France. Main Street He resides at 648 in Grand Junction. As staff engineer in the Exploration Division, Mr. Dodd will act in an advisory capacity and provide liaison with the Processing and Mining Divisions. A native of Iowa, Mr. Dodd is a graduate of Northwestern University with Milward S. Simpson, in geology. Governor will lead a double role He joined the Commission in Wyoming, Asat the State B.S. and M.S. degrees Grand Junction in June, 1948, as an exploration geologist. Mr. Crew, chief of the Engineering Services Branch, is a native of South Dakota and a graduate of the South Dakota School of Mines with a B.S. in geology. He joined the Grand Junction Operations Office in December, 1950, as a geologist, and during the past five years has served as assistant chief of the field engineering section, assistant chief of the engineering branch, and as acting chief of the engineering Services Branch for the past several months. Wyoming Mining sociation conference in Riverton April 19, 20 and 21. As official welcome speaker, He Gov. Simpson will preside. on a also will federal head panel and state lands and mining. The convention program will be in three sections legal governmental and mining and exploration. Major purpose of the meet is to officially organize the new mining association. A preliminary committee handling arrangements for the meeting includes: R. L. Moran, Riverton, Roy Peck, Riverton, and Edgar H. Herschler, Kemmerer. VITRO URANIUM CO. a division of The Vitro Corporation of America BUYERS OF URANIUM ORE INDEPENDENT SAMPLING Rail Shipments Invited From Green River, Moab and Marysvale Areas SEND C01IESFONDEHCE AND SAMPLES TO: R. B. COLEMAN, Ore Buyer 600 WEST 33 rd SOUTH Salt Lake City 15, Utah Ph. IN 7-54- 14 |