Word: incos
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Dates: during 1960-1969
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...rise in nickel prices had been expected, but the increase from $1.03 per Ib. to $1.28 was the largest in this century. Inco rested its case for the steep rise as much on its plan to spend $600 million for expansion by 1973 as it did on the wage increases. Even without the strike-induced shortage, the world demand for nickel has been outpacing supply, and the imbalance could continue for several years...
...immediate cause of the scarcity was a four-month strike at International Nickel Co., which mines well over half of the West's nickel, mostly from the ore fields at Sudbury, Ont. Last week union negotiators and Inco reached a tentative but shaky agreement that would increase the average hourly pay of workers from $3.10 to $3.98 over three years. If finally accepted, the Inco deal would also be the basis for ending a parallel work stoppage at Falcon-bridge Nickel Mines, a smaller Ontario firm. Even after work is resumed, however, the delivery pipeline will not be refilled...
...Search Goes On. Even before the Canadian strike, supplies of nickel were short. Inco, whose executives concede that production has not kept up with demand, is now spending about $150 million annually to increase its Canadian output from last year's 450 million pounds to 600 million in 1972. This capital outlay is larger than the $144 million that Inco earned after taxes on its sales of $767 million last year...
...will continue to be the world's main supplier for the next few years, but enough new sources will be opened up by the mid-1970s to reduce the leverage of the Ontario unionists, who have a habit of striking at the expiration of each three-year contract. Inco has acquired concessions in Guatemala and Indonesia. The French firm of Le Nickel is mining in New Caledonia. Most important, recent discoveries show that Western Australia may some day rival Ontario as a "nickel province." For the moment, however, anyone who has a source of nickel can make a mint...
Setting Records. Though Inco is giving Thompson highest priority, it is also expanding in Ontario, where five new mines are being opened. "In Canada, alone," says Inco President Albert Gagnebin, "there are programs to produce 100 to 150 million more pounds of nickel per year by 1970." To finance all this expansion, a company that has been financially conservative ever since it was organized in 1902 may have to go into debt for the first time. Inco is not worried at the prospect. Rising demand and higher nickel prices produced a profit of $118 million last year on sales...