3. than I, much of South America, Black Africa, and substantial portions of Asia and Central America. More and more the prudent mining company must seek expansion of its fortunes in a relative handful of countries that are geologically interesting and offer a favorable investment climate. Within these parameters the list narrows down to Australia, Canada, South Africa, and a very few others where the prospects are in balance with the risks. These countries bargain from strength with the mining companies, and this is reflected ultimately in mining costs. Mineral discoveries abroad in the developing countries must be big to be feasible. Nice little mines won't do because the miner of necessity must finance the infra-structure. This is an added burden to the miner and makes it a game only the rich can play. It puts a premium on having long-term assurances of a dependable market. In varying degrees pressure is ever present for local participation in the ownership and usually on a basis where the potential rewards to the local are out of balance with the risks assumed or the contributions they make to the success of the enterprise. This partially carried interest represents an added burden for the mining company which makes it more difficult to justify the feasibility of the company's investment. Once mineral production becomes successfully established in the country, pressure mounts to increase the degree of local processing and to bring into being in the country of discovery local industries to compete with those established companies in the countries that provided the initial market for the raw materials. The host country becomes more and more insistent on having its own steel mills, smelters, processing and fabricating industries. So the