Word: kennecott
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...West's buried wealth. Ninety-one percent of the nation's uranium lies in the Mountain West, with New Mexico and Utah supplying most of the region's ore. From Arizona comes more than half of all the copper dug in the U.S. each year; the Kennecott Copper Corp.'s Bingham Canyon open-pit mine in Utah, at two miles wide and a half-mile deep, the largest excavation in the world, alone has produced copper-over 11 million tons-than any other mine in history. The Climax mine near Leadville, Colo., last year supplied...
Last week at a breakfast in Manhattan, ten members of the Financial Women's Association, a group of successful managers, introduced themselves as qualified candidates for board membership to the heads of 30 major corporations, including General Motors, Pfizer, Kennecott Copper, Uniroyal and Mobil. Said one of the aspirants, Paula Hughes, 47, a vice president and director of Thomson McKinnon Securities: "Being on a board is the Good Housekeeping Seal of Approval. Women get on boards because they have already been on boards." Added another candidate, Ellen Berland Sachar, 37, a vice president and security analyst with Paine Webber...
Quebec Iron and Titanium Corp., which is owned by Kennecott Copper and Gulf & Western, has persuaded its four South African partners to adopt the Sullivan Code in their new mining venture in Zululand. Boasts Q.I.T. President Pierce McCreary: "We have been a very positive force in South Africa...
Curtiss-Wright told Kennecott's shareholders that it would raise most of the money by having Kennecott sell Carborundum, for $567 million or a bit less. Berner would make up the rest by dipping into Kennecott's $140 million in cash and securities, and perhaps by having Kennecott borrow against a $400 million promissory note...
Money in hand, Curtiss-Wright might have Kennecott make a cash distribution of some $20 a share to its own stockholders. In that case, Curtiss-Wright would get back $66 million on Kennecott stock that it paid around $77 million to buy. Berner's preferred alternative is to have Kennecott buy back half its 33.1 million outstanding shares for about $40 each-including half the stock that Curtiss-Wright bought for an average $23.42 a share. Other Kennecott stockholders might find Berner's plans attractive. Kennecott management is sure to find them a tempting target for that...