Word: anaconda
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From the moment he took a $1.50-a-day job as a water boy on a gang building a railroad for Anaconda Copper at Butte, Mont., there was never much doubt how Cornelius Francis Kelley would spend his life. Born in the mining country (his father was a mine superintendent), "Con" Kelley had copper in his blood. He went off to study law at the University of Michigan, started specializing in mine cases back in Butte. In a fledgling industry dominated by Irishmen and racked by legal brawls, Kelley quickly made his mark. He went to work for Anaconda, became...
...Anaconda's boss, Kelley kept the company in step with the rapidly expanding demands for copper of the electronic age. He bought mines in Chile, made Anaconda the world's biggest producer; by buying American Brass and setting...
...Anaconda Wire & Cable, he also made it the world's biggest fabricator. Two years ago, weary of all the talk about aluminum cutting into copper's markets, Con Kelley made a typical move: he decided to spend $45 million on an Anaconda aluminum mill, which will go into production at Columbia Falls, Mont, this summer. His most recent venture: he put Anaconda into developing what may be the largest U.S. uranium deposit in New Mexico (TIME, April...
...Kelley's regime Anaconda's assets have soared from $226 million to $870 million, its sales from $150 million to $461 million. Last week Kelley had some good news for his successor, still to be chosen. Said he: "Anaconda's future was never so bright...
Chile's government last week carried out a major overhaul of the taxes it imposes on the subsidiaries of the big U.S. companies (Anaconda and Kennecott) that mine 12% of the world's copper there. The new law, scrapping a legal tangle of income taxes, fixed selling prices and exchange-rate penalties that added up to 85% of operating income, provides for an ingenious graduated income tax in reverse. If production stays at present levels, the companies will pay 50% of operating income as their basic tax, plus 25% as a surtax. But the surtax will shrink with...