Word: anaconda
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...fourth producer of aluminum (TIME, Oct. 1) when Interior Secretary Oscar Chapman blocked the loan. Chapman did not like some things he had heard about the Harvey company's work for the Navy during World War II. Bitter at the turndown, Harvey grudgingly went to the giant Anaconda Copper Mining Co. with a proposal. He knew that Anaconda was eager to find a steady source of aluminum for its fabricating subsidiaries. Would Anaconda like to buy control of the subsidiary Harvey had set up in Montana for his aluminum project? Anaconda would; it bought 95% of Harvey...
...other step was taken by the Defense Materials Procurement Agency. It made a deal with the giant Anaconda Copper Co. to boost its output more than 30,000 tons a year by putting Nevada's Yerington mine into production. Chairman Cornelius Kelley will spend $33 million of Anaconda's money developing the property; for its part, DMPA agreed to buy any copper from the mine that Kelley cannot sell in the first six producing years, for 25½? a Ib. (v. the present ceiling price of 24½?), the first premium price deal for metals to be made...
...news was good, but not good enough. None of the new White Pine or Anaconda production will start until 1954. Before mining begins, Anaconda must build a plant to process its low-grade ore; White Pine must build a steam power plant, railroad connections, mill and smelter facilities, and an entire new town to house...
...Diggings. Why hasn't U.S. copper output bounced upward like steel and aluminum? The fact that even a giant like Anaconda needs the promise of a Government subsidy gives part of the answer. Like the rest of the copper industry, Anaconda has mined its richest ores, left little but high-cost ore in the ground. A hundred years ago, mined ore in the U.S. averaged 20% copper; now it averages less than...
...Nevada mine, "Con" Kelley had to buy a sulphur mine 60 miles away, to get sulphuric acid needed for the concentrating process. Because exploration is even more expensive, Kelley and others are now going through old diggings to get out the high-cost ore that had been bypassed. Anaconda alone is spending $27 million to tap 130 million tons of such ore in its famed Butte, Mont, properties and another $100 million to process low-grade ore in Chile...