[110] Katanga equals ⁶⁵⁄₆₆ of this.
Note.—Not much weight is to be attached to figures showing more than 10 years of life. Total full future value over long number of years is greatly reduced when expressed in terms of present value on normal interest discount. All countries with reserves good for ten or more years may be considered as being on an equal footing so far as copper resources are concerned. But, large reserves may mean expanding production (as in Chile and Africa) and be important on that account and only on that account.
To weigh ore reserves they have been taken in toto, but Spain would be no worse off as compared to the United States if her reserves were put at 10 years instead of at 50 (as calculated above). Her reserves happen to be of a kind easily blocked out, but her output is stationary.
Plate VIII.—Geographical distribution of the principal copper-producing districts of the world. By F. W. Paine.
[Table 35] shows the different copper-producing countries of the world and the chief features of financial control of the producing mines. [Table 36] shows the chief features of business control (refining and selling control) as distinct from control by mine ownership. In both tables a forecast for future conditions is made by using estimates of 1918 and 1919 production. These figures are followed out to the different forms of control. The actual outputs of 1916-17 are given as a reference and check. [Table 37] shows reserves, largely those of producing mines. [Plate VIII] shows the location of the principal copper deposits of the world.
NORTH AMERICA
UNITED STATES
Production.
—The maximum output of copper from mines within the borders of the United States was in 1916, and amounted to 1,927,850,548 pounds. In 1917 the output was less, because of labor troubles, but six leading states showed an increase, and if Montana had equaled the output of 1916, the 1917 output would have been 1,962,034,512 pounds. Without good markets and favorable labor conditions, the United States production cannot reach anything like 2,000,000,000 pounds a year.