Word: copperizing
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Look west anywhere in Salt Lake Valley and you won't see the future--Americans' traditional association with that compass point--but the past. In Bingham Canyon, at the foot of the Oquirrh Mountains, five generations of copper miners spanning the 20th century have cleared a pit three-fourths of a mile deep and more than 2 miles across, seemingly large enough to catch the expansive Utah sky should it ever fall in. The sky hangs securely above, but the state's economy, which since 1988 had seemed equally horizonless, has slipped with everyone else's into a canyon-like...
Kennecott Utah Copper, the mine's operator since 1903 and owner of some 40,000 developable acres in the western valley, has passed its golden age, when the pit was bottomless and facilities could pump and dump waste with abandon. Times have changed. A pound of copper sells for about half what it did five years ago, and cleaning up the environment absorbs many of the resulting pennies. So K.U.C. was pleased to stumble onto an asset that doesn't appear on the balance sheet of its corporate parent, Anglo-Australian mining behemoth Rio Tinto: its own backyard. There...
...base but generated just 3% to 4% of its $841 million profit. Over the next 20 to 25 years, K.U.C.'s Sunrise could bring Rio Tinto the current equivalent of several hundred million dollars. Last year Rio Tinto earned $1.5 billion on revenue of $10 billion. It mines coal, copper, gold and talc...
...ever heard of a mining company turned real estate mogul? "Mining is not welcome in the U.S.," says John Gross, publisher of the Copper Journal. "That's a fact of life." Environmental rules and the high cost of operating in the U.S. have pushed miners to less developed countries such as Chile, the world's largest copper producer. Add to the mix that mines tend to be remote, and the uniqueness of Kennecott's marriage with South Jordan emerges. The Western states have seen enormous population growth in the past decade. A net total of 212,000 people settled...
Oscar Groeneveld, CEO of Rio Tinto Copper, defends the company's global progress but says, "We haven't got it 100% right yet. I think we'll be working for a long time before we satisfy the majority of our critics...