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Both companies have responded, to the satisfaction of environmentalists. Homestake uses three huge pressure cookers, called autoclaves, near one of its projects. In them, pure oxygen is pumped through a slurry of gold ore and water to eliminate pollution. By the end of the century, American gold output could reach 200 tons a year, thus making the U.S. the third largest producer behind South Africa (680 tons currently) and the Soviet Union (283 tons...
...employ a mere 25,000 workers, down 50% in ten years, and the mines, primarily in the Rocky Mountain states, are running at 60% of capacity. Copper consumption is up 14% this year from last, but American mines simply cannot match competitors in the Third World. They have kept output high and prices down to around 60? per lb., vs. the 82? average cost of U.S. production. Despite those troubles, the Reagan Administration last week refused to protect the industry by limiting or taxing the foreign copper entering the U.S. In turning down a recommendation by the International Trade Commission...
...Petroleum Exporting Countries. When one of the other members threatens the group's strength by producing too much crude oil or selling it at a discount, the Saudis are usually the first to scold. Thus Saudi Arabia has perplexed the global oil industry this summer by boosting its output by 1 million bbl. a day beyond the country's voluntary quota of 4.5 million bbl. The extra crude has aggravated the world's surplus of oil and triggered a dramatic slide in prices. The situation again threatens OPEC's power to control the cost of crude...
...abundant production is compounded by low demand for oil. Despite the economic boom in the U.S., West European countries have been slow to recover from the worldwide recession. Total oil purchases by Western industrial countries have increased by less than 4% since last year. Meanwhile, OPEC's total output has gushed up about 30%, from 14 million bbl. a day in mid-1983 to some 18.5 million currently...
...meantime, the Saudis may try to bolster prices by announcing that they will cut back production as soon as they have paid for the planes. Said John Lichtblau, president of the Petroleum Industry Research Foundation: "There is still a possibility they can correct the situation by substantially reducing their output. But it is difficult to recontrol prices once they start running away." -By Stephen Koepp. Reported by Jay Branegan/Washington and Timothy Loughran/New York