AMC Overseas Mining Investment Panel Fingers Favored Few

“The mining industry can do more to alleviate world poverty, hunger and human misery, more to close the widening gap between advanced and developing nations and more to achieve international peace and understanding than any other single force in the world," Charles W. Court, Minister for Industrial Development, Western Australia, told the American Mining Congress audience at the opening session of the 1969 Mining Convention, October 19-22, San Francisco. Australia, he pointed out, is a shining example. In 1971, 60% of U.S. mining investment overseas will go to Australia and other parts of Oceania, an increase of 42% over a year ago. Australia has capitalized on world needs, its own rich resources and good investment climate. Developing nations can and should do the same, but they mix emotion with nationalism, often frightening away foreign investment which could breathe life into dormant and backward areas, said Court.