Word: coppermen
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...Exporters, Inc. Last week the first tangible evidence of the split was seen when four big foreign producers resigned from the export body. They were: Union Minière du Haut Katanga, Chile Copper, subsidiary of Anaconda; International Nickel Co. of Canada; Cerro de Pasco with prolific mines in Peru. Coppermen thought Copper Exporters would eventually cease to function, that U. S. producers would concentrate on their domestic market. Last week copper sold at 5?¢ in the U. S., 5¢ at London...
Nevada Absorbed. Kennecott Copper owns 98½% of Utah Copper, which in turn owns 45½% of Nevada Consolidated Copper (mines in Nevada, Arizona, New Mexico). Last week Kennecott offered one share of its stock for two of Nevada's, is expected to acquire practically full control. Coppermen expect that Nevada's mines will then be closed down, pointed out last week that if they were closed now Nevada's stockholders might cause trouble for Kennecott...
Three things engaged the attention of coppermen last week: Union, Curtailment and Tariff. Union in the copper industry has existed through Copper Exporters, Inc.. the tight-lipped powerful U. S. selling association. Recently Phelps Dodge Corp. objected to some of the Association's policies, served a 30-days resignation notice (TIME, Dec. 7). Last week copper's united front was reunited. Phelps Dodge's resignation was withdrawn. Copper Exporters, Inc. seldom makes statements but it was understood that the selling agreements have been modified, that henceforth a member may undersell the Association in Europe. This makes artificial price-pegging...
Last week's conference was not the first in which other coppermen have felt the power and threat of Katanga. A year ago in Manhattan the copper world agreed to reduce output 33% of capacity. At that time Katanga was supposedly operating at about 12,500 tons a month. Amazed were U. S. producers some weeks later when the agreement went into effect, to hear from Katanga that it was curtailing on the basis of about 16,600 tons monthly. In fact, announced the Belgians, their output had actually run as high as 20,000 tons! Other coppermen shook...
Opinion was that if no agreement was reached, another way would be found to tame Katanga. Failing output reduction, U. S. and English coppermen might get their countries to enact copper tariffs. England is Katanga's best customer...