Hon. W. M. Benidickson (Minister of Mines and Technical Surveys):
A number of Canadian gold mines are provided with financial assistance each year under the terms of the Emergency Gold Mining Assistance Act. In 1963, the latest year for which information is almost completed, 42 of the 50 operating Canadian lode gold mines received assistance.
The profits realized by a company which owns and operates a gold mine are not taken into consideration when the amount of assistance payable to the mine is calculated
under the provisions of the act. Calculation of the assistance payable to a gold mine is based on the average cost of production per ounce of gold and the number of ounces of gold produced each calendar year.
Of the 42 companies operating lode gold mines which received assistance, there were 17 which paid dividends. The companies and the approximate amounts of assistance received, for the latest company fiscal year available, are as follows: 1. Aunor Gold Mines Ltd. (1963), $486,362; 2. Bralorne Pioneer Mines Ltd. (1963), $396,629; 3. Dome Mines Ltd. (1963), $865,000; 4. Hallnor Mines Ltd. (1963), 184,579; 5. Hollinger Consolidated Gold Mines Ltd. (1963), $1,879,102; 6. Kerr Addison Mines Ltd. (1963), $250,000; 7. Lamaque Gold Mines Ltd. (1962), $840,706; 8. Macassa Gold Mines Ltd. (1963), $161,261; 9. Madsen Red Lake Gold Mines Ltd. (1963), $454,000; 10. McIntyre Porcupine Mines Ltd. (1963), $1,340,000; 11. Pamour Porcupine Mines Ltd. (1963), $422,599; 12. Preston Mines Ltd. (1963), $410,002; 13. Renabie Mines Ltd. (1963), $282,009; 14. Sigma Mines (Quebec) Ltd. (1963), $421,000; 15. Sullivan Consolidated Mines Ltd. (1964), $433,353; 16. Teck-Hughes Gold Mines Ltd. (1962), $255,652; 17. Consolidated Discovery Yellowknife Mines Ltd. (1963), $246,917.
Eight of the gold mines operated by the 17 companies listed above recorded losses in the latest fiscal year for which returns are available. Three of the remainder had mine profits under $35,000 for the year. Six of the 17 companies received sufficient income from sources other than their gold mines to meet or more than meet the amount of dividends.
Subtopic: SUBSIDIES TO MINES PAYING DIVIDENDS