Word: copperizing
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...years and is now a naturalized American citizen. Between 1967 and 1977, as chief executive officer of Amax Inc., a molybdenum mining and metals company, he transformed the sleepy firm into a giant natural resources company. In addition to coal, it has large holdings in oil and gas, copper, nickel and iron ore. Although MacGregor is credited with the foresight of having acquired metals and energy sources before their scarcity became apparent, he is criticized for a heavyhanded management style and for failing to keep a close eye on the company's finances. Says an analyst: "His attitude...
...rumors that insurgents had caused a landslide, killing 600 Afghan soldiers in a mountain encampment and destroying 40 tanks. A band of rebels reportedly crossed the border between Afghanistan and the U.S.S.R. and managed to kill 200 Soviet troops. The rebels also claimed to have exploded a newly completed copper mine in the Logar Valley and coal mines in Badakhshan. They have been putting pressure on farmers to cut back on spring planting. Partly for that reason, this year's grain crop will be only 75% of normal. When two grape growers pruned their vines, in violation...
...impact spreads. The rule of thumb in the housing industry is that the laying off of a single worker by homebuilders results in two additional layoffs in related industries like cement, copper tubing, building materials and wood. The signs are already ominous. Oregon Governor Victor Atiyeh reports that sawmills in his state are "closing almost daily." The Western Wood Products Association notes that 141 lumber mills in the twelve Western timber states have already closed and an additional 249 have curtailed production...
...from its January high of $50.35. Says Thomas Herzig of P.R. Herzig, a Wall Street metals broker: "The play on the silver market was the beginning of deflation. Hunt's situation was not an isolated thing. Silver isn't the only commodity going down; so are platinum, copper and gold. This is part of a general collapse...
...midweek silver was down to $15.80 per oz.; on Thursday it lost roughly a third of its value in a single day, falling as low as $10.20. Stories that Hunt was also selling other commodities touched off a frenzy that hammered prices not only of gold but also of copper, cotton and even cattle. Gold alone, which had reached a preposterous height of $850 per oz. in late January, dropped to a low of $463 last week. In the stock market, further rumors reported that Hunt and his associates were dumping stocks to raise cash in order to repay their...