Word: magma
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...Wesley P. Goss, 54, vice president and general manager of Arizona's Magma Copper Co., moved up to president, succeeding A. J. McNab, who became chairman. One of the West's top mining engineers, Goss bossed development of Magma's famed San Manuel mine, largest underground copper mine...
...samples were analyzed at the Scripps Institution of Oceanography. They seem to be "acidic," which would prove, according to Scripps Man Richards, that the volcano is a continental type in spite of its position well out from the continental shelf. It may get its lava from a deep-down magma reservoir like those which have fed volcanoes on the Mexican mainland...
...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 Magma struck it rich-not on the San Pedro but in the bureaus of Washington. To develop its San Manuel property, it got a $94 million RFC loan, the biggest ever made to a private company. With the money, Magma plans to build a town for 7,000, a concentrator, smelter and other installations. But there is one catch. Not till Magma raises $17 million for the mine from private sources will the RFC turn over its money. President McNab is still not sure where the $17 million will come from. But since the Government is willing...
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...