Word: anaconda
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With their production of concentrate limited, even the big integrated producers were planning to cut back the costly ore search. Anaconda Copper Mining Co., which operates the richest U.S. mine near New Mexico's Ambrosia Lake region (TIME, Sept. 30), set a course that probably will be followed by other industry leaders. Said President Clyde Weed: "We will keep on exploring, but at a slower rate. We will spend less money on development. If we find good deposits, we will sit on them until the demand picks...
...Mexico's Ambrosia Lake is a misnamed patch of sunbaked, bone-dry limestone where miners have long thought they smelled uranium. The Santa Fe Railway opened a small strip mine near by in 1950, and Anaconda Co. began to work the richest U.S. uranium mine 20 miles southeast of Ambrosia Lake. But no one struck it rich in Ambrosia Lake until 1955. Then a young (31) Texan named Louis B. Lothmann came in with a $10,000 grubstake, two years of college geology and a hunch on where to look. He teamed up with Septuagenarian Stella Dysart...
BILLION-DOLLAR CLUB gained four new U.S. companies in 1956 now numbers record 81 with assets of that amount. New members: Massachusetts Investors Trust Chesapeake & Ohio Railway Co. Detroit Bank & Trust Co., Tennessee Gas Transmission Co. Likely candidates for admission this year-Anaconda Co., International Paper Co., Public Service Electric & Gas Co. of New Jersey...
...excellent'' press coverage of state legislatures, and from his survey concluded that New Hampshire and Utah had the best coverage, with 4.71 points each. Lowest were Delaware (1.33). which has three daily newspapers, and Montana (1.77) with 1 8. most of which are either controlled by giant Anaconda copper company or subject to its influence. Complained one Montana representative: "We are victims of a completely controlled press, which edits, slants or completely omits any news coverage at will.'' Most weeklies in their areas, said 28.8% of the legislators, give their activities no coverage at all. Wire...
...greatest earnings jump was reported by Anaconda Co., the copper-mining giant which is also the biggest U.S. producer of uranium. Profits rose 70% to an alltime high of $111 million, or $12.84 a share v. $7.52 in 1955. Chairman Roy H. Glover showed his confidence in the economic future by announcing a huge new expansion plan. Anaconda will raise more than $100 million by offering 1,734,865 new shares to stockholders on a one-for-five basis. It will be the company's first stock financing since...