Word: magma
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Dates: during 1950-1959
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...trail along the San Pedro River in southeast Arizona. Coronado never found the fabled wealth of the cities. But in recent years, evidence of other riches-in the form of big copper and molybdenum deposits-has been found by prospectors along the San Pedro. During World War II, the Magma Copper Co., seventh biggest U.S. copper producer, took out an option and set up a subsidiary, the San Manuel Copper Corp., to explore the deposit. In the past seven years, Magma President Alexander J. McNab has spent $10 million on preliminary exploration and development, estimates that his mine contains half...
Last week RFC Boss W. Stuart Symington hinted that the Government may lend $75 million to put San Manuel to work to help ease the copper shortage. The loan was requested by little Magma Copper Co., sixth on the list of U.S. copper producers and owner of the San Manuel property. If the loan goes through, as RFC officials expect, Magma's San Manuel production should hit 70,000 tons in the next four years, increasing U.S. copper output by 6%. That would push Magma's total output up to 100,000 tons a year,make the company...