Minutes of Special Meeting No. 104 Philippines Section New York Comittee of Inward Far East Lines held at the Conference Room, 11 Broadway, New York 4, N. Y. March 25, 1957 In the absence of the Chairman, Mr. Flynn acted as Chairman of the meeting. BATES – ORES – FOR APRIL/MAY, 1957: Consideration having been given to the recommendations of the Ore Liaison Sub-Committee, it was agreed upon Motion, seconded and carried that we recommend to the Conference and rate of 414.50 par 20 out., Masinloe basis, for April and May, 1957, and the Chairman vas authorised to accordingly cable for concurrence, A telephone poll made by the Chairman of the absentee members also developed that they conour in the above recommendations. There being no further business the meeting adjourned. "Last year the Philippines' chromite industry strengthened further its position in the American market. The U.S. bought 86 per cent of its refractory chrome requirements from the Philippines. While U.S. imports from most other sources declined, purchases from the Philippines increased to 525,231 long tons compared to 458,00% long tons in 1955. All refractory chrome ore exported by the Philippines is mined at the Masinloc property of Consolidated lines, Inc. in Zambales. Expansion of American buying at reasonably satisfactory prices was largely responsible for increased earnings by the company in excess of eight million pesos last year and the return of more than seven and a half million pesos in dividends to stockholders. Refractory chrome, unlike metallurgical chromite, is used in lining open-hearth and copper furnaces, glass furnace checkers and cement kilns. It is also used in the paper industry. The principal consumer, however, is the steel industry. An increase in steel production thus means automatic expansion in the consumption of refractory ore. At the There is considerable optimism here over the prospects of a steadily rising consumption of refractory chromite in the years ahead because of anticipated expansion in steel production, especially in the U.S. rate of around three to five million tons increase a year, it is predicted that U.S. steel production will be around 178 million tons by 1965. Even if output by then should only be around 150 million tons, consumption of refractory chrome is expected to be close to 600,000 tons. This is only as far as the U.S. market is concerned. It is understood Japan and Europe have been taking part of the Ore produced at asinloc. Frices paid are reported to be attractive and should increase further if the demand is kept up. The first concern of Consolidated Mines, however, is to meet U.S. industry demand since merica is still the best market. Masinloc, where reputedly the largest deposit of chrome in the world is located, is said to contain an unlimited reserve of chromite ore beyond the property owned by Consolidated ines. The ore reserves at lasinloc alone are estimated as enough to last around ten years on the basis of present milling capacity at the plant. But what is expected to prolong the life of the mine for a much longer period is the marketing of a byproduct in the milling of Masinloc ore known as "fines! This development is expected not only to extend the life of the property to double its expected life on the basis of blocked ore reserves but to increase considerably the mine's earning power." 1-800 At the Philippines Section meeting held on Areh 25th, when recommendations of the Ore Sub-Committee Are considered, there was some discussion as to the #visability of continuing the Ore Sub-Committee in existce, brought about by the fact that it looked as if quantities to be shipped from Masinloc to the U.S.A. were diminishing so that chrome shipments from Philippine ports other than Masinloc assumed a larger proportion towards the whole movement. This was concluded from statements By Masers. Muller and Laving that chrome ore was now being shipped from Masinice also to Europe and Japan and possibly other countries. In this connection, the enclosed extract from the Manila Daily Bulletin March 30th issue, might be of Laterest. Very truly yours, FOR JAVA PACIFIC LINE JAVA PACIFIC LINE, INC. |