Word: smelter
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Cause of the reluctant U.S. switch was a clever Kremlin ploy. Returning from a Communist-subsidized trip to Moscow 18 months ago, a Bolivian professor brought news that the Soviets would be pleased to provide Bolivia with a smelter to refine its own tin ore. Last September Khrushchev buttonholed a Bolivian diplomat at a Manhattan cocktail party to make the offer again, and the pressure became too great for Bolivia to refuse...
...Cheese. The Russian offer was little more than a tempting bit of cheese on the treadle of a Communist trap. A smelter would give employment to only 100 workers. It would force Bolivia to import large quantities of costly British coke to refine its relatively low-grade (30%) ore. It would put Bolivia in competition with the international tin cartel, thousands of expensive miles from potential markets. Bolivia would have to accept platoons of Soviet "technicians" and go through with the first Russo-Bolivian exchange of diplomats in history...
...counterattack attempts to deal with realities. Instead of a smelter, it calls for the construction of tin ore concentration plants to step up the ore-metal percentage. U.S. conditions for the loan are tough but businesslike. In addition to laying off some 8,000 nonproductive workers, the government must promise to divide its tin corporation, Comibol, into several separate government-owned companies operating under guidance of competent foreign consultants...
...year-old Ghana, whose economy is almost wholly agricultural, the Volta dam and smelter combination could well provide the springboard to a miniature industrial revolution. Ghana's chief resources are the tremendous hydroelectric power potential of the Volta River and a large supply of bauxite ore from which aluminum can be extracted if large amounts of electricity are available. When Ghana was still a British colony and called the Gold Coast, British engineers drew up a plan for a dam and smelter works costing $900 million. It was more than newly independent Ghana could afford. Kaiser drew...
...question is how Kaiser's consortium, the Volta Aluminium Co. Ltd. (VALCO),* will fare in raising $178 million in private money to build the smelter. Although the Ghana government has given VALCO a written promise that it will not expropriate the Volta plant once it is built and running, President Nkrumah is a volatile nationalist and neutralist dealing with both East and West, and there are segments of his Cabinet that favor outright nationalization of all Ghanaian private enterprises. As a precaution for its U.S. and foreign private investors, VALCO will take out International Cooperation Administration insurance against nationalization...