During the last decade iron ore exports from Liberia increased in value from 164 million in 1970 to 332 million in 1980, an increase of 102%. However, operating costs increased from 76. 8 million to 271. 8 million, an increase of 253%. Government income in the form of royalties, income tax and dividend sharing declined. From 1978 onwards the industry has recorded substantial losses and there seems little prospect in the short term that this trend will be reversed.