Word: ores
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Dates: during 1960-1969
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...demand" was to use these earnings to buy technically advanced Western plants and equipment. Instead, the trade pact committed East Germany to deliver some 300 merchant ships to the Soviet Union, at prices 30% below what Western buyers would have paid. The Soviet Union promised to supply oil, iron ore and other raw materials-at prices well above the world market...
...seven years Cleveland's Hanna Mining Co. has been marooned in frustration on top of some of the world's richest mountains of iron ore, unable to move more than a trickle of it onto the world market. Despite a contract with the Brazilian government empowering it to tap 300 million tons of high-grade ore that it owns in Minas Gerais state, Hanna has been harassed by a succession of political obstacles, is still battling a court decree annulling its mining rights. With the Brazilian economy as well as the climate for foreign investment improving...
...company, called M.B.R. (for Mineracaoes Brasileiras Reunidas), joins Hanna's St. John d'el Rey Mining Co. (which will have 49% control) to the iron-and manganese-ore properties of Brazilian Industrialist Augusto Antunes (51% control). Potentially the world's largest iron-ore company, M.B.R. plans to build a $60 million deep-water pier, an ore yard, a railroad link (and perhaps a pelletizing plant) on Sepetiba Bay, 60 miles south of the traffic-clogged port of Rio de Janeiro; it expects to step up exports from 2,000,000 to 10 million tons a year...
Nonetheless, the Chinese made some sales. Visitors were impressed by low-cost, simple-to-operate lathes, printing presses and weaving looms, and representatives of African and Asian nations placed substantial orders. Japanese businessmen were the biggest buyers, ordered $10 million worth of pig iron and iron ore and large quantities of soybeans and maize. Typically, though, they took home more money than they left behind, made deals to sell the Red Chinese $100 million worth of steel plate, stainless-steel tubing and heavy truck axles. In Peking this week, France will take its turn at supplying Red China...
Died. Lansdell K. Christie, 61, founder and president of Liberia Mining Co., the West African country's first modern iron-ore mine (3,000,000 tons in 1964), who discovered Liberia's mineral potential during World War II while serving as an officer in the U.S. Army Engineers, in 1946 began developing the deposits with early financing from Republic Steel, making himself such a fortune that in 1960 he was able to help bankroll Liberia's big Mano River iron-ore project with an interest-free loan of $1,700,000; after a short illness; in Syosset...