Word: balatoc
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Dates: during 1940-1949
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...split up the $750,000 on hand. Instead, John Haussermann stubbornly insisted on spending some of the cash on prospecting. He won the gamble; a rich new strike put him in a position to buy a lumber company, a power station, and a $300,000 controlling interest in the Balatoc Mining Corp...
...Balatoc (also on Luzon) turned out to be the most profitable mine in the islands and Haussermann became one of the biggest gold producers in the world. By 1940, his mines employed 10,000 Filipinos, produced 1,200,000 tons of ore-about one-third of the islands' gold output-and earned their stockholders $4,000,000 a year...
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