Word: ores
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Dates: during 1940-1949
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Along the way he encountered Steep Rock Iron Mines, Ltd. Steep Rock looked like the kind of big business that Eaton likes. In Ontario, some 70 miles north of the famed Mesabi range, Steep Rock owned fabulously rich iron ore lands with proven reserves of 30 million tons; geophysicists estimated that they might contain as much as 500 million tons, half as rich as Mesabi. The trouble was that the ore lay under Steep Rock Lake and 150 feet of water. Eaton bought control of Steep Rock for an initial cash outlay of only $20,000, and started...
This week, he proudly announced that Steep Rock had shipped its one-millionth ton of ore this year. Before the close of the Great Lakes shipping season it will send out another 300,000 tons, thus becoming one of the biggest ore producers in North America. On his initial investment, Eaton already has a paper profit of more than...
...with the Cash. The buried wealth of Steep Rock had been known for over 50 years, but no one wanted to supply the capital to get out the ore-until the Canadian owners met Eaton in 1942. He had the daring needed to bring out the buried treasure, and more important in wartime, he knew his way around Washington...
This did him no harm when he needed Government cash for Steep Rock. He got a $5,000,000 loan from RFC on his argument that Steep Rock would furnish ore needed for the war. In jigtime, he also got priorities for machinery needed to develop his new ore source. He also knew just the right people, "a few wealthy individuals," who would buy $2¼ million in Steep Rock bonds...
...digging away 2,000,000 cubic yards of earth and rock for a new channel, and by constructing a system of dams and tunnels. The Canadian Government chipped in $5,200,000 for roads, a railway spur, power lines and a dock at Port Arthur to handle the ore. In 1944, a year after work was started, the first ore came out of the open pits...