Mining Engineering Reporter

* George M. Humphrey, president of the M. A. Hanna Co. and of the Iron Ore Co. of Canada, has announced arrangements for financing the development of the Labrador-Quebec iron ore deposits in the total amount of $200 million. Plans call for immediately beginning the construction of mining, railroad, and handling facilities, and contemplate the start of ore shipments in 1955 which will reach 10 million tons a year shortly thereafter. Total drilled and proven ore now exceeds 400 million tons of high grade open-pit ore with prospects for large additional tonnages. Capital structure of the company authorizes up to $125 million of first mortgage bonds, $40 million of income debentures and $60 million of common stock.