Word: copperizing
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Plainly, the copper industry can assure steady growth over the long haul only by building up production capacity. Accordingly, Anaconda has mapped a fiveyear, $600 million program to find new sources as well as improve existing facilities. At the same time, Anaconda Chairman Charles M. Brinckerhoff, 66, recently signed a 20-year agreement with the Chilean government that should help stabilize the company's operations in that country; unlike its chief U.S. competitors, Kennecott and Phelps Dodge, both of which mine most of their copper at home, 65% of Anaconda's supply comes from Chile...
Chief among them is the fact that demand for copper has far outstripped supply, which poses the danger that consumers will turn in desperation to such substitutes as aluminum or plastic. Moreover, to make sure that domestic and defense demand is met, the Federal Government has virtually locked U.S. producers out of higher-priced world markets by declaring a partial embargo on copper exports. Beyond that, the Government has required producers to set aside more than one-quarter of their output for military...
...days ago, faced with a possible halt in production of the copper and cobalt that account for 50% of his country's revenues, Mobutu swallowed his slogans, signed an agreement for continued operation of the mines with Sociètè Gènèrale des Minèrals (called S.G.M.), a Union Minière affiliate. "This is not a betrayal," he avowed on TV last week. Nevertheless, Congolese students drummed up discontent, and one leading businessman wired Mobutu: "We have undressed Peter to dress Paul...
...will handle the payment of guaranteed hard-currency wages to non-African workers. The agreement cannot be terminated until 1972, and then only if two years' notice has been given by either party. S.G.M. will make 4.5% or some $15 million a year, plus expenses, on sales of copper for the new Congolese management...
Still to be settled: compensation of Union Minière for $800 million in seized assets, and claims by the Congo on $100 to $150 million worth of copper in shipment at the time the mines were nationalized...