The Role of the Stock Exchanges in Financing Future Mining Projects

HISTORY Up until the late 1880's the mining industry acquired a considerable proportion of its capital needs from domestic sources. Exchanges were established wherever major new fields were opened and Ballarat, Bendigo, Charters Towers, Coolgardie, Kalgoorlie and Silverton all boasted active trading in mining shares. For much of the first half of this century there was only modest developments in the mining industry and its capital require- ments were correspondingly lower. RECENT EXPERIENCE The new mines of the sixties were, in many cases, characterised by their remote situation and their output of bulk commodities such as iron ore., coal and bauxite. Infra- structure costs were particularly high and the level of capital expenditure was of previously unheard of proportions.