The diamond drill., 1921-09-17
PAPER READ BEFORE MINING CON-
GRESS SAYS ONLY 20 YEARS
HIGH GRADE EXHAUSTED SOON
AT Present Rate Of Normal Output
the Big Mesabi Range Mines
Have Short Life Ahead

The question of the length OF life
of the present iron ore supply is one
that has been very frequently discuss
cd iron circles. The subject was
brought up again during the week by
statements made before the American
Mining Congress by Charles w Potts,
a Minnesota operator who is given
credit OF having a good insight into
the iron ore situation. Mr.. Potts is
credited with saying:
"The known iron ore resources are
far from unlimited and amy statement
that our domestic iron resources will
last 1000 years Is prediated upon
many uncertainties, Charles w. Potts,
Deerwood Min, mine operator, de-
clared Monday at meeting OF officers
OF the American Mining Congress de-
voted TO discussion OF schedules OF
the pending tariff bill relating to
iron and steel.
The present know reserves OF high
grade iron ore, based upon the con-
stantly expanding requirements OF the
steel industry" Mr.. Potts assorted,
will be exhausted in twenty years and
the merchantable grade OF iron ore
from the great mines OF Minnesota
will at the present rate of depletion
be practically exhausted within the
next fifteen years unless new discov-
cries are ade. The exhaustion OF our
domestic high grade deposits OF iron
ore is 50 imminent that already the
greatest brains OF the Industry are
undertaking the development OF pro-
cesses for making usable low grade
iron ore hitherto considered OF no
value"
Manganese deposits in the United
States, however. the Minnesota mine
operator said, "will last the steel In
dustry as long as the present known
high grade deposits OF iron ore wlli
last the steel industry"
The fact that millions OF dollars
are being invested in iron smelling
furnaces on the Great Lakes or con-
tributory thereto, would indicate that
Mr.. Potts statements are not taken
seriously by those who have given
their lives TO the development OF the
industry and who are investing their
money on the expectation OF using
Lake ore as their supply.
IL IS generally conceded that the
high grade ore Is limited in quantity
and that the end OF the supply Is clos
ar M hand than the limit Mr.. Polts
places upon the supply. However the
amount OF low grade ore Is almost un-
limited and the wise heads In the iron
business are not using up all their
year so regulating the base figure In
wear so regulating the base figure III
dicating iron contents and so mixing
thor choice ores with the leaner that
instead OF the supply OF hign grade
ore being exhausted in twenty years
n will aast many times chat length OF
time.
II A. generally conceded, however
thny the development and use OF the
lower grade ores will increase as the
/ wears 20 by so that there Is going 70
he n constant entry OF lower grade ore
properties into the producing col
umn. The base figure has been reduc-
GA IN the last 25 years from 80 70 81
and mosg iron men expect 20 see II
slowly drop until the average VIII DC
. many points lower than at present.
iron mines are valuable Low
grade properties will gradually come
into their own. IL is predicted that as
aoon as tho readjustment is complet'
ed there will be boom in exploration
for iron ore.
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