Possible methods of operating at the Mount Victoria uranium deposit are: 1. All operations by the Government 2. All operations by private enterprise 3. Mining by private enterprise and treatment by the Government In the following discussion it has been assumed that the value of ore delivered to the treatment plant at Mount Victoria would be 36/- per pound of contained U308 for 5 pound ore. This is in accordance with the scale laid down by the Commonwealth Government. If any of the operations are carried out by private enterprise the operating company would be expected to pay lease rents and royalty on the mineral won and to recoup the Government for the expenditure incurred in prospecting and exploration. The cost of lease rents per pound of U308 would be small and has been disregarded in any estimates. Royalty would be 2½ per cent of the value at the mine of the minerals won. This would amount to 11d. per pound of U308 contained in the ore. The expenditure incurred by the Government is approximately £100,000. If 125,000 tons of 5 pound ore is mined the repayment of this sum would cost approximately 3/3 per pound of U308 contained in the ore, or approximately nine per cent of the value at the mine of the mineral won. In the following discussion, in order that the figures quoted are comparable, these costs have been added to the estimated costs for operation by the Government.