Word: nickels
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Dates: during 1960-1969
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When the Canadian government two weeks ago switched from silver coins to nickel to benefit one of Canada's biggest basic industries, the nation's seven nickel companies were flustered as well as flattered. Free-world consumption of nickel-825 million pounds last year-is approaching its highest point in history and straining the industry's capacity to supply. The demand is so strong that nickel producers are rushing to develop new sources from the chilly plains of Canada to subtropic mountains in New Caledonia...
Heading the rush is the company that for 65 years has led the industry, International Nickel Co. of Canada Ltd. Inco produces 65% of the free world's nickel, gets two-thirds of its output from Canadian mines, principally, up to now, in the Sudburydistrict of Ontario. To supplement that, the company has been busily prospecting for nickel all around the world. It recently signed a partnership agreement with the French government to mine in New Caledonia, has been carrying on protracted negotiations for other finds in Guatemala, and is beating the brush for nickel in Africa, Australia...
...development over the next five years, $230 million has been earmarked for mines, refineries and smelters around the town of Thompson in northern Manitoba. The expense is worth it. When in full swing, Inco will be producing no less than 25% of the free world's nickel which will be drawn from three Thompson mines named Pipe, Birchtree and Soab. Interestingly, the Soab lode rests partly under a lake with the same name. Two geologists, sent out after World War II by the Canadian government to map and name western lakes, had trouble getting their seaplane airborne from that...
Setting Records. Though Inco is giving Thompson highest priority, it is also expanding in Ontario, where five new mines are being opened. "In Canada, alone," says Inco President Albert Gagnebin, "there are programs to produce 100 to 150 million more pounds of nickel per year by 1970." To finance all this expansion, a company that has been financially conservative ever since it was organized in 1902 may have to go into debt for the first time. Inco is not worried at the prospect. Rising demand and higher nickel prices produced a profit of $118 million last year on sales...
...continue its gains. Many businessmen look for consumers to save less and spend more; Detroit, for example, expects at least 9,000,000 auto sales. There are, of course, some clouds over that rather rosy view. Stockpiling to minimize the impact of potential midyear strikes in steel, aluminum and nickel could produce violent inventory swings...