Word: incos
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Heading the rush is the company that for 65 years has led the industry, International Nickel Co. of Canada Ltd. Inco produces 65% of the free world's nickel, gets two-thirds of its output from Canadian mines, principally, up to now, in the Sudburydistrict of Ontario. To supplement that, the company has been busily prospecting for nickel all around the world. It recently signed a partnership agreement with the French government to mine in New Caledonia, has been carrying on protracted negotiations for other finds in Guatemala, and is beating the brush for nickel in Africa, Australia...
...sales: $445 million) has enjoyed a near monopoly on production. As late as 1951 Inco's mining facilities in Ontario's rocky Sudbury Basin supplied 85% of the free world's nickel and 95% of the nickel used by the U.S. During World War II the scarcity of nickel was so acute that the U.S. began stockpiling-almost entirely from Inco. But the U.S. did not take to dependence on Inco, began to develop other sources. Last week the General Services Administration told Inco that it is "not interested" in the company's offer to supply...
...Competition. The U.S. decision was another in a series of developments that over the past few years has whittled away Inco's monopoly to 65% of the free-world market, threatens the industry's dominant producer with even more competition in the future. The burgeoning demand for nickel encouraged new companies to enter the field. Inco was turned down flat this spring by the Quebec government when it asked permission to develop a rich new nickel find in Quebec's Ungava district, but about three dozen other companies have won concessions in the area, including wealthy...
Goal Attained. With all its contracted commitments (including one to purchase 120 million Ibs. within five years from Inco's present facilities), the U.S. is sure to reach its annual supply goal of 440 million Ibs. by 1961. Though nickel is still in short supply and will be for many years, the free world's production is slowly edging up, reached 450 million Ibs. last year v. 1955's 427 million Ibs., and is expected to top 600 million Ibs. by 1960. The price of European and Japanese nickel, which U.S. firms have been forced...
PRICE RISE will help pay for $115 million expansion by Canada's International Nickel Co., world's biggest nickel producer. Company is boosting prices 9½? a lb., by 1960 will increase annual capacity by 50% to 385 million Ibs. Inco is opening two big new mines in Mystery-Moak Lakes area of northern Manitoba, building concentrator, smelter, refinery, and city for 8,000 on site...