Word: coppered
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Resources: A lush northerly tropic with fertile plains, great rivers, high, tree-covered mountains and volcanoes, the Philippines are an agricultural hothouse and a treasure chest of only partially exploited minerals (copper, gold, chromite, manganese, iron, some coal). Properly developed, they could support perhaps 100 million people...
...basic raw materials needed for defense, none is more vital than copper-and none is scarcer. Into every B-47 bomber goes a ton of copper; even a 155-mm. howitzer takes more than half a ton of the red metal and its alloys. The U.S. is the world's biggest producer (960,000tons or 40% of all output), but its crude production is lower now than it was eight years ago. It is also the biggest copper importer, but imports are dropping. Last week the Government took two big steps to boost production...
...step was taken by the RFC. It lent $57 million, its biggest loan since World War II, to the White Pine Copper Co., a subsidiary of Boston's Copper Range Co. The money will be used to develop its holdings in the Upper Michigan peninsula,* which are estimated to have reserves of 309,660,000 tons of ore and a potential copper output of 35,000 tons a year. Said Copper Range President Morris LaCroix, who has been after an RFC loan for 13 months: "Now this great national asset will be put to work...
...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...
...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...