Word: coppered
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...buses; customers in Peru, Thailand, Turkey. Greece, Italy. Egypt borrowed funds ranging from $20 million down to $5,000 for everything from hospital equipment to coal-washing machines and textiles. The biggest private enterprise loan so far: $100 million last year to the U.S.-owned Southern Peru Copper Co. to develop the Toquepala deposit of critically short copper (TIME...
...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...
...today is nickel. Last week it commanded the highest premium paid for any metal on the grey market-$3 a lb., five times the going rate. With Government stockpiles and defense users gobbling up 40% of the free world's total output (v. only 10% for copper), automakers alone had to pay out more than $21 million last year in grey market premiums for the precious hardener for bumpers, crankshafts and a dozen other parts. The shortage is so critical that the Administration, while getting out of business elsewhere, is expanding nickel output at its Cuban Nicaro plant...
...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...
...mine will go into production in four or five years, just in time to replace the company's dying Potrerillos mine. It thus promises not only to increase Chile's total output of about 450,000 tons of copper a year, but will head off an actual decrease. Out of satisfaction and relief, the company last week renamed the mine El Salvador-The Savior...