Word: coppers
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Dates: during 1940-1949
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Although 90% occupied with defense business, Revere Copper & Brass, copper fabricator, last week revealed that it had laid off 1,100 workers, 12% of its working force. It just could not get enough copper. Neither can the U.S.-OPM foresees a 770,000-ton (30%) gap between 1942 needs and supplies. Problem of the week was how to narrow this...
Price. One step was to set up a two-price system for copper. Year ago (TIME, Dec. 2) the Government figured out that increasing prices would not increase U.S. copper production more than a drop in the bucket, decided to keep the price of copper at 12?. Last week, needing the drop, the Government, without altering this general price, decided it would pay more for marginal copper that could not be produced...
...Treasury's Procurement Division (buying for Lend-Lease) announced the signing of OPA-and OPM-approved contracts with three small high-cost Michigan mines (Quincy, Isle Royale, Copper Range) for all the copper they could dig-perhaps 20,000 tons a year. The deal: the mines were to get it above their "out-of-pocket" mine costs, about 15? or 16? (depending on the producer). The U.S. will still release the copper to fabricators at 12?, absorb the difference. Similar offers will doubtless soon be made to other high-cost mines (like Miami Copper's low-grade Castle...
...price of copper went to 16?. Phelps Dodge dusted off long-drawn openpit plans, issued $28,000,000 in convertible 3½% debentures, began moving the 46,000,000-ton mountaintop...
...Today copper is 12? a lb., not 16?. Yet the Morenci ores, though low-grade, will still yield a profit. When production starts, nine 125-ton electric locomotives will haul 75,000 tons of rock from the pit each day, dump 50,000 tons of waste into the canyons, spill the rest into ore bins. Each ton of ore will yield 21 lb. of copper-a daily smelter production of around 260 tons...