Word: amaxingly
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These efforts, plus small additions to existing facilities, will increase world capacity by less than 4% a year, while most experts agree that the market will grow at a rate of 5% for the foreseeable future. Only one firm, Alumax, a joint venture of AMAX, the large U.S. mining company. Japan's Mitsui & Co. and Nippon Steel Corp., is attempting to cash in on the shortage by investing in new plants in Oregon and South Carolina-a mighty $800 million gamble...
Rather than hang together, the operators may now try to survive separately. There were reports that Peabody Coal, the biggest member of B.C.O.A., Amax Coal Co. and Island Creek Coal Co. might break away from the other operators and negotiate individual contracts with the U.M.W. That could set a precedent for regional settlements, and the 2,500 smaller coal companies would fall into line. But this sort of balkanization could take the power of decision away from both the U.M.W. and the B.C.O.A. and lead to a kind of splintering that neither would find tolerable. The threat of such...
...long noted for breaking mandatory sanctions on Southern Rhodesia by importing chrome from there. The U.S. government finally made this illegal in 1976, but Union Carbide now refines chrome in South Africa and ships it to the U.S. from there. Where that plant's ore originates is problematical. AMAX has invested in one of the largest Namibian mining companies, Tsumeb, together with other American and South African companies, Falconbridge, a Canadian subsidiary of Superior Oil, owns the Oamites copper mine together with a South African government corporation. Black miners in Namibia are paid even less than miners in South Africa...
Harvard owns $11 million Union Carbide stock, $11 million in AMAX stock, and $1 million in Superior Oil stock...
Boosting deep-mine productivity is only one problem. To open a new mine requires heavy capital expenses-on average, $35 in investment for each ton of annual capacity-that can be recouped only over many years. Says John Paul, a vice president of AMAX: "Coal mines are not water spigots. You don't just open a tap and turn them on." To justify the expense, coal men need a guaranteed market-and for that potential buyers have to have some assurance that the fuel can be burned in compliance with clean-air laws...