Word: coppers
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Mobutu turned all the company's copper-mining installations and other assets over to a new Congolese company, gave it a ten-man board of directors composed entirely of Congolese, and made the Congolese government the majority stockholder. He thus precipitated a crisis that, if allowed to develop, could plunge the Congo into economic and political chaos. "If we have to go hungry to be free and independent," he said, "then we'll go hungry. We prefer to remain poor and free to being rich slaves...
Pointed Question. The Congo will indeed be poor unless it can keep Union Minière's mines, which produce more than 6% of the world's copper and 60% of its cobalt, running efficiently. In Brussels, the company reacted by withholding more than $10 million in royalties that it owes the Congo and ceasing its tax payments, which amount to about $2,000,000 a month. It also declared that it would regard any of the copper that is purchased from Mobutu's company by other countries as stolen property to be recovered in the courts...
...That there is a vigorous marketplace is obvious, as witness the giant Ford Motor Co.'s unplanned flops (the Edsel) and galloping successes (the Mustang). What is more, any steel, aluminum or copper-industry executive who tried to raise prices this year-and got a jangling phone call from the White House for his trouble-knows that the tale about the government acting like a Victorian spinster is as tall...
...expansion plans during 1966, and new industry is sprouting up. Last week the government unveiled Turkey's first homemade automobile, the Anadol, a sprightly little sedan that will go into production next month. "We are up to our ears in projects," Demirel says excitedly. "There is plenty of copper, lead and zinc in eastern Anatolia. There is some oil. There are magnificent stands of hardwood and softwood timber. Tobacco is already thriving around Izmir. There is great potential for livestock. Our Mediterranean coastal beaches could bring us $100 million a year from tourism...
Chile and Zambia account for about 65% of the copper traded on the free world market, and Kaunda and Frei figure that this gives them enough leverage to dictate prices. On the highly speculative London Metal Exchange, the cost of copper this year has ranged from 98? to 44? per lb. Basically, Chile and Zambia want to reduce their vulnerability to copper's wild price fluctuations. The swings have been made especially violent by demand and supply uncertainties resulting from strikes and, not least, the tension between Zambia itself and Rhodesia, which has virtually cut off Zambia...