Word: billioned
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Dates: during 1960-1969
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Violated Integrity. Fitzgerald has told a Capitol Hill committee, among other things, that the Air Force paid a $2 bil lion cost "overrun" on the C-5A trans port plane. He estimated that overruns on the development of the Minuteman II missiles were "better than $4 billion." He confirmed earlier rumors that the Pentagon paid $2.5 billion more than originally anticipated for the avionics...
...iron-ore outcropping near Mount Newman that assayed at almost the maximum possible purity. Australians had long known that iron ore could be mined in their country, but not until finds like Hilditch's did they suspect that it existed in such phenomenal abundance − an estimated 20 billion tons, about one-twelfth of the world's known reserves. Three years later, Australian legislators repealed a ban on iron-ore exports once enacted in the belief that there was only enough for domestic needs. Two big iron-ore mines opened up and, following the pattern of previous mineral...
...soaring costs of conventional construction. Within the past ten years, they have become by far the No. 1 source of low-cost housing in the U.S., accounting for at least three out of every four homes sold for less than $15,000. Sales reached 300,000 units worth $2 billion last year, and they are likely to top $3 billion...
Mount Newman mine, which is 60% Australian owned. Under his feet was Australia's largest known iron-ore deposit, an estimated 1 billion tons, enough to make about 563 million tons of steel, or almost as much as the entire world produced last year...
...first shipments of ore from Por1 Hedland went to Japan, which will be Mount Newman's biggest customer. The Japanese have contracted for 146 million tons, worth $1.2 billion, over the next 15 years. European steel mills have agreed to buy 1.5 million tons by 1989, while 70 million tons will go to Australian mills. Australian steelmen are also considering building enormous integrated mills that would be fed by Mount Newman and other western iron mines. When that happens, proud Australia will indeed be master of her vast iron reserves...