Word: smelters
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Dates: during 1960-1969
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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...
...fiercely nationalist countries of Africa, but so it was. Meeting in Accra, President Nkrumah's Ghana government and a consortium of aluminum companies headed by U.S. Aluminum Maker Edgar Kaiser signed a historic agreement. Under the deal, Kaiser will raise $178 million to build an aluminum smelter. Ghana will supply the power by building a $168 million dam on the Volta River. "It could mean to Ghana what TVA and the railroads meant to the U.S., coming all at once," said one Washington official last week over the news. Then he added reflectively: "The problem is making sure...
...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...
...depression in the lead and zinc industry forced Bunker Hill, the nation's second largest lead producer (first: St. Joseph Lead Co.), to cut its work force in Kellogg-the first time management had had to exercise the layoff clauses in the contract with the Mine, Mill & Smelter Workers' Union. When the contract expired May 6, 1959, a deadlock ensued over job security, grievance procedures, seniority, safety regulations and shift schedules...