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DOCUMENT PESUME /
//IA /
00187 - [A0590647] (I -trt,-
Review of the Sale of Chromite from th. Defense Production Act
Stcckpile. LCD-77-404; B-159161. Deceaber 10, 1976. 4 pp.
Report to Sen. Lee Metcali, Chairman, ienate Committee on
InteriU: dad Insular Atfairs: Minerils, natErials and Fuels
Subcommittee; by Elmec B. Staats, Comptrcller General.
Issue Area: Materials: Conseruing Scarce Raw Matirials (1805).
Contact: Logistics and Communications fb-.
Budcet Function: Natural Resources, Environment, and En-_rgy:
Other Natural Resources (306).
Orga:izition Ccncerned: General Services Administraticn; Federal
Pieparedness Agency; Metallurg, Inc.
Congressional Relevance: Senate Committee on Interior and
Insular Affairs: Minerals, Materials and Fuels Subcommittee.
Authority: Defense Production Act of 1950.
The sa?.e of metallurgica! , chrcmite froi the
stockpile at Nye, M.ontan.i, waq investigated. The chromite was
low-grade ore mined between 1953 and 1962 at about t35.21 a ton
and sold in 1974 for an average of $7.b5 a ton.
Findings/conclusions: In 1963, it was determined that the entire
300,000 tons of chromite ore was Fxcess, and its sale was
directed. The oie was considered substandard and was deemed
uneconcmical foz processing because of its lccation about 45
miles from the nearest railroad. The 1963 disposal authorization
was restricted to Government agencies and required that the ore
not be offered ior public sale. Commercial sales were authorized
in 1966, and although several commercial proposals were made,
none was consummated before the 1974 high bid cf $7.65 a ton. It
4s estimated that it cost the buyer an additional $45 a ton to
move the ore to a domestic consumer cr smelter. Metallurg, Inc.,
is a New York corporation whose controlling interest is held by
an American citizen. All phases of the bidding procedure and
contract provisions were found to be proper. (FRS)](ViewImageLocal?handle=hein.gao/gaobaabtf0001&div=1&collection=&method=preview&ext=.png&size=3)