Word: smelter
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Those contracts undeniably added up to a good thing for Hanna. The Government agreed to buy Hanna's nickel ore at $6 per ton; it also agreed to advance the entire cost, some $22 million, of building a smelter to refine the ore. Although profit figures are in dispute, by George Humphrey's own reckoning they came to at least $7,500,000-roughly double Hanna's investment in the nickel operation. Moreover, under the terms of the contracts, Hanna last year took over ownership of the smelter for a mere $1,700,000. But the deal...
...charges of exorbitant profits as "bunk" and "baloney." Right to their faces, Humphrey told South Carolina's Senator Strom Thurmond that he was "confused" and California's Clair Engle that he was "mixed up." To a big company like Hanna (total assets: $450 million), he said, the smelter deal was "small potatoes"; for that matter, the nickel contracts were the "tag end of our business." He had, he said, been too busy with more important Hanna interests to pay much attention to the nickel contracts while they were being negotiated. Actually, he argued, the nickel deal was very...
Three years in the planning, the project would include a $196 million dam and a $128 million aluminum smelter. Ghana would pay $98 million, and the U.S. would ante up $133 million in long-term loans. Anxious to get his enterprise under way, the worried Nkrumah twice in the past month has sent hurry-up letters to President Kennedy...
...neatest trick in the Communist propaganda game in Latin America is the Kremlin's constant bluffing as it plays on the countries' deep yearning for development. When the Reds talked vaguely of offering Bolivia an uneconomic but showy smelter to refine its tin ore, the U.S. showed its cards by lending Bolivia $10 million to revamp the nationalized tin mines, which account for 67% of the impoverished nation's export income. Last week the Communists dealt off another, even bigger offer. In La Paz, Nicolai Rodionov, Soviet bureaucrat, announced that Russia would bid not only the smelter...
...such a situation Paz Estenssoro could not afford to give the impression of rejecting the Russian smelter offer out of hand. Nor did the U.S. expect him to. But as he prepped his officials for next month's mission, high officials leaked that the junket was aimed at ending the "myth of Russian help" as much as anything else...