lower Year 1945: Minnesota iron ore production for open pit beneficiating mines based on 1945 occupation tax reports adjusted to show true costs, also royalty and royalty-tax payments per ton-Continued BENEFICIATING MINES WITH NET OPERATING INCOME UNDER $0.30 AND WITH LOSSES Name of railroad Name of property Operated by Tons value lower lakes lakes per ton per ton Net operating income per ton 1 Total operating income Royalty and royalty tax per ton 1 Operating income is before provision for return on invested capital, depletion where mines are owned in fee and Federal taxes. Tax payments on ore reserves for mines not under production must be paid from operating revenue derived from mines that are under production. NOTE.-Figures in parentheses indicate loss. EXHIBIT S-29 Minnesota iron ore reserves as of Jan. 1, 1943, reduced by amount of 1943 and 1944 shipments, reserve location as to railroads, annual shipments 1939 to 1944, inclusive Reserve tonnages are calculated from tonnages shown by the department of taxation for May 1, 1942, adjusted for the amount of orel shipped from May 1 to Dec. 31, 1942. Figures include ore in ground and in stockpiles; 1943 and 1944 shipments have been deducted. These tonnages constitute proved ore only and do not include the tonnages of concentrate that may be produced from taconite or other low-grade materials not carried on the tax records at the present time. The classification of tonnages was taken from the records of the department of taxation, as of May 1, 1942. The tonnage figures shown for concentrates refer not to the tonnages of crude ore, but to the estimated ton- In the classification of shipments, ore mined by milling is included in open pit direct Ore that has been merely crushed and screened is included in the direct shipping ore. Total ore reserves Jan. 1, 1943, by classes of ore and location of reserves as to carriers-Continued [In thousands of tons] NOTE.-Reserve tonnages are calculated from the tonnages shown by the department of taxation for May 1, 1942, adjusted for the amount of ore shipped from May 1 to Dec. 31, 1942; figures include ore in ground and in stockpile. These tonnages constitute proved ore only and do not include the tonnages of concentrate that may be produced from the taconite or other low-grade material not carried on the tax records at the present time (May 1, 1942). Source of information Minnesota Mines Experimental Station. Jan. 1, 1943, reserves have been adjusted for 1943 and 1944 shipments. |