Word: anacondas
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COPPER SHORTAGE in the U.S. will be eased by Anaconda-at a price. From now on it will price its Chilean copper, which has been selling for 46? in the U.S., at the London level (53? last week). Anaconda, which has been shipping two-thirds of its Chilean output to Europe, expects to sell more in, the U.S. when the price is equalized. The Office of Defense Mobilization is also easing the shortage by postponing shipments of 36,000 tons of copper earmarked for delivery to the strategic stockpile by June...
...shade of a chilly, barren mountain called India Muerto (Dead Indian), 9,000 feet up in the northern Chilean Andes, lies the world's newest major find of copper ore. The discovery, says Roy H. Glover, board chairman of Anaconda Co., "is the greatest and most important development in copper mining in Chile since the initiation in 1914 of Chuquicamata" -and famed Chuquicamata is the world's biggest copper ore body. Last week Chile's President Carlos Ibañez gave Anaconda* an official go-ahead to spend $53 million toward making Indio Muerto an active producer...
Indio Muerto was explored and found promising four years ago. Anaconda quietly bought it, but felt little incentive to mine it: the Chilean government was taking a discouraging 85% of taxable income. Then, last May, Chile voted a new tax law that takes 75% of taxable income at the present production rate, but drops as output rises, sinking to 50% when production is doubled. With new incentive, Anaconda's subsidiary, the Andes Copper Mining Co., drilled enough exploratory holes at Indio Muerto to block out 78 million tons of high-grade ore (1.6% copper...
...name comes from its parent roine in Butte, Mont., christened thus by its discoverer, who, while searching for something novel and mellifluous, read a Horace Greeley editorial in the New York Tribune enthusiastically describing the Union Army in the Civil War as encircling the Southern forces "like a giant anaconda...
...latest price boost was demanded by Chile, where Anaconda and Kennecott mine a critical 14% of the world's supply. The Chilean government, which now channels no more than one-third of its copper output to the U.S. understandably opposes U.S. producers' efforts to keep the price down because it gets a cut of company profits. Many U.S. industries also feel that the only way to get more of the metal is to lure Chilean copper back from Europe by matching Europe's price. The copper shortage in the U.S. has spurred use of substitutes; e.g., radio...