FIFTY YEARS AGO–AUGUST 1950

Record demand for yellow metal

Fear of escalating inflation, combined with the ongoing Korean War, has created record demand for the yellow metal in the Far East, Western Europe and India.

In Hong Kong, more than $50 million in gold changed hands in July. Hong Kong prices rose to $47 per oz. on July 31 from $40.25 at the end of June.

Paris, meanwhile, was the hub of European gold activity. Prices shot up to $46 per oz. in July from $42.25 at the end June. The daily volume of transactions exceeded 30,000 oz. during the last week of July, as French farmers paid as much as $48 per oz. for gold coins.

At the same time, demand for gold in the U.S. was lower than in June. Limited numbers of small gold bars traded at around $40 per oz.

Malartic looks at mill expansion

Once again, preliminary steps are being taken by Canadian Malartic Gold Mines to increase milling capacity.

The preparations come slightly more than a year after the previous increase, to 1,300 from 900 tons per day.

Management points out that these latest alterations will improve the economics of the operation, while increasing the amount of gold recovered from ores now being treated.

Canadian Malartic has performed profitably for 16 consecutive years.

New fuming plant will boost output

The new fuming plant at Hudson Bay Mining & Smelting’s base metal mine, near Flin Flon, Man., will go into production in January 1951, boosting production by 30,000 lbs. annually.

When the plant was a pilot project, four years ago, zinc was trading at 5 per lb. Now, zinc prices are at an all-time high, trading at 17 per lb. However, the increased zinc production will be offset by a 10% drop in copper output, owing to an overhaul at existing plant operations.

The increased zinc output will bring the mine’s total output to 130 million lbs. per year.

Majors nominated for ‘Oscars‘

The 10th annual survey by New York, N.Y.-based Financial World has nominated Noranda Mines for best annual report in North American mining. A win would give Noranda its third consecutive trophy. Financial world also nominated four other Canadian companies for an award, and credited eight more with a honourable mention.

The awards are given to mining companies in the U.S. and Canada with the most impressive annual reports.

Other Canadian nominees include: Lake Shore; Sherritt Gordon; Giant Yellowknife; and Asbestos Corp.

American nominees included: American Smelting & Refining; American Zinc, Lead and Smelting; Calumet and Hecla; Carborundum Co.; Kennecott Copper; New Park Mining; and Vanadium Corp.

Honourable mention: Hollinger; International Nickel, Labrador; Normetal; Quemont; McIntyre; Teck-Hughes; and Wright-Hargreaves.