Word: incos
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...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...
With all that, Inco is carrying out its biggest expansion at home. Of the $1 billion alloted for new development over the next five years, $230 million has been earmarked for mines, refineries and smelters around the town of Thompson in northern Manitoba. The expense is worth it. When in full swing, Inco will be producing no less than 25% of the free world's nickel which will be drawn from three Thompson mines named Pipe, Birchtree and Soab. Interestingly, the Soab lode rests partly under a lake with the same name. Two geologists, sent out after World...
...surprisingly, in spite of weekly wages that start at $160-and some of the best fishing in Canada-the turnover rate is a high 85%. "If we could get it down to 20%," says John McCreedy, a onetime professional hockey player with the Toronto Maple Leafs who is Inco's regional manager, "we would be deliriously happy...
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...