IRON ORES 75 



eral. In northern and southern Cahfornia magnetites and 

 red hematites are reported, but nothing beyond exploratory 

 work has been done upon them. WTien satisfactory supphes 

 of metallurgical fuel become available it is possible that some 

 of these Pacific coast deposits may be exploited. Magnetite 

 has also been mined near Lovelocks, Nevada. 



The determination of the value of iron ore deposits is 

 difficult, for they are onh^ serviceable in so far as the material 

 of which they are composed may be utilized. Thus, a moun- 

 tain of excellent iron ore remote from blast furnaces or other 

 means of utilization, without transportation facilities to carry 

 the mineral to points where markets exist, would stand prac- 

 tically useless until these conditions were modified. 



The quality of the u*on ore obtainable has a decided in- 

 fluence upon the value of the product, and therefore upon that 

 of the deposit. Ores low in phosphorus, although with mod- 

 erate iron content, command premiums over those carrying 

 this element in excess, and in the present state of metal- 

 lurgical development ores carrjdng titanium are considered 

 undesirable, although in the near future they may possibly 

 be sought after. A sulphurous ore requirmg roasting is less 

 desirable than one free from sulphur, and ores which require 

 w^ashing or beneficiating, either b}^ jigs or magnetic separators, 

 have less value than those which can be used in their native 

 state. Therefore, the apparent quantit}^ and average quality 

 of an ore in a deposit and its accessibility to markets or pros- 

 pective points of consumption affect its value. Wiere a mine 

 is producing and where the tests made to determine the appar- 

 ent extent of the deposit are satisfactory^, its value may be 

 gauged by capitalization based upon a royality charge for ore 

 mined, for in an ore deposit the material taken out is not re- 

 produced, and therefore some allowance covering a value for 

 the ore won is proper. 



The difficulties of determinmg the value of iron ore de- 

 posits are increased by the fact that in some instances m.ere 

 mining rights are granted, while in others a proprietor may 

 allow a mining company to take ore at a fixed rate per ton, 

 or upon a sliding scale. In still other cases the ownership is 

 in a state which grants mining leases at tonnage rates; these 



