Word: kennecott
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When OPA and Metals Reserve Co. offered a 5? premium over and above the 12? ceiling for increased copper production last winter they deliberately set the base quota on which no premium will be paid so high that they not only froze out the big three (Anaconda, Kennecott and Phelps Dodge, which produce 85% of U.S. copper) but also froze out all but one of the other 15 companies which with the big three produce 98½% of U.S. total...
Metals. Aircraft-parts makers and other metal fabricators have been held back by the metals shortage, especially copper. So the mines of Anaconda, Phelps-Dodge and Miami last week jumped from a sixto a seven-day week. (Kennecott has operated day in, day out for more than a year.) Production increases in the first three companies alone will add perhaps 50,000 tons annually to the U.S. copper supply, an amount equal to 5% of 1940's entire U.S. production...
...Extend a $2,000,000,000 R.F.C. plant-expansion loan for Anaconda, Kennecott, Phelps Dodge...
...copper industry cannot produce enough copper for the U. S.'s present needs. This price gives the industry-especially the big low-cost producers, Anaconda, Kennecott, Phelps Dodge-a nice profit, but it gears its output to a maximum of 1,100,000 tons a year. For 1941, defense copper fabricators will need at least 1,200,000 tons. That means 100% of the 12? capacity and 100,000 tons besides. For over two months, fabricators have been increasingly worried about their copper supplies. Not only are they bringing new fabricating capacity into production all the time, but they...
...industry (providing a domestic copper outlet); for this and less ambitious purposes she badly needs U. S. manufacturers. She would gladly trade 100,000 tons of copper for them. Her mines-which can produce for 4? to 6? a pound-can make a profit (accruing mainly to Anaconda and Kennecott) at the present 10? delivered price. The deal would involve some assurance to the U. S. that it would not go higher...