Word: magma
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Dates: during 1950-1959
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After a gloomy winter, copper investors thought they saw a few signs of spring. On the New York Stock Exchange last week copper stocks rose in heavy trading. At week's end Kennecott was up 2⅜ to 88⅞, Anaconda up 2½ to 46⅞, Magma 5¼ to 47. Behind the push was a ½? rise to 23½? a Ib. in copper price at custom smelters, which normally supply about 15% of U.S. refined copper. On the London Metal Exchange, where world prices are set and fluctuate with daily sales, copper closed...
...point. Tariff advocates argue that the U.S. imported an estimated 215,000 tons more than it exported in 1957. Without the imports, U.S. production would have been close to consumption. But the copper producers themselves have done no campaigning so far for a tariff increase. While Phelps Dodge and Magma, which now mine only in the U.S., stand to benefit from a tariff boost, international miners such as Kennecott and Anaconda are in a different position. Their domestic mines would profit, but it would be at the expense of their Chilean operations, which produce 66% of Anaconda's copper...
...years ago the San Pedro Valley desert east of Arizona's Santa Catalina Mountains was inhabited by little more than coyotes and cactus. But after Magma Copper Co. proved up the nation's biggest copper deposit beneath the San Pedro Valley floor, the face of the desert changed. Earth movers terraced the rimrock into 1,500 homesites, bulldozers crunched over thousands of acres to carve out winding avenues, parks, shopping centers, a community swimming pool for the new town of San Manuel (TIME COLOR PAGES, July 25). To house Magma's workers. Builder Del Webb put house...
When San Manuel hits full production, perhaps by midsummer, it will process 30,000 tons of ore daily and yield 70,000 tons of copper yearly, plus 3.000 tons of molybdenum as a byproduct. Thus Magma, which has only one other smelter (at Superior, Ariz.), will boost its total copper production to almost 100,000 tons yearly, jump from sixth to third place among U.S. producers (after Kennecott and Phelps Dodge). At peak production San Manuel will expand U.S. copper output by 8%, molybdenum...
...Manuel into operation, the Government gave Magma a strong helping hand: a $94 million loan from the RFC, fast tax write-offs on plant and railroad, and a price prop at 24? a Ib. With copper now selling at 43? a Ib., Magma's rough-and-ready President Wesley P. Goss had plenty of reason to fire up San Manuel ahead of schedule. Says he: "When you have more than $100 million tied up, you are interested in getting into production as quickly as possible and getting some of those dollars back...