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Show Utah Ciate Fress 315 Fast Seconf Fouth ,'37 ' 1 tv Ci tv a'-ll- w V )J u ( i a ii THE VOICE OF THE COMMUNITY 'V COT-- jmiLL Sltti. . (r; OF JULY isn t the Fourth of July without fireworks, ond os usual the Magna celebration had their share. The display tof fun and frolic that started with breakfast at 6:00 a.m. For more pictures see photo feature on pages 4 and 5. THE FOURTH (It started at 10:15 p.m. and climaxed a day I i Record crowds attend celebration ? tSv 5 , .d .V- '' M, 7t-- : Well, the Fourth of July has come and gone, and once again the celebration planned 4' ' v 4 by the committee was outstanding. From the chuckwagon breakfast to the fireworks topping off the whole show, the fun was enjoyed by many. Many hours of hard work and planning has gone into the preparation of the events, and the people of Magna turned out in full force to show their appreciation. At the Chuckwagon breakfast, sponsored by the Lions, over 1500 people were served, the biggest crowd in the history of the event. Joining the hungry Magnaites were Governor Scott Matheson, and a delegation of visitors from Japan. The Japanese citizens were guests of the Salt Lake City Chamber of Commerce, and came to the area to study .genealogy. They so enjoyed the hospitality of the people at the breakfast they wanted to spend the day, but they had other The Lions were up at 3:00 a.m. to start Special recognition was accorded the Spinnakers, the Salt Lake County Fire and Sheriffs Departments, and the Sheriffs Motorcycle Drill Guard, who entertained the. spectators while the parade lineup was taking place. After the parade, more fun was planned ai the Copper Park, which was opened for the day especially for the celebration. The park, which has been under renovation for some time, has shown great improvement, and the county has puts lots of time, effort, and monev into the project. The park will reclose to finish the planned development. 26 new lights, recently installed in the park, lit up the scene as they were turned on for the first time last night. The Shares of Magna auctions took place at the appointed times, and the bidding was fast and furious, as the people of the community joined in. Many nice items were up for sale, and the happy winners were glad to participate in the fun. preparations for the meal they served, and judging from the crowd, it was well appreciated. They even had to go get more eggs, as they had not planned on quite that many attending. People from all over the west valley lined the walks of Main Street, in spite of the hot sun, to watch the Spinnakers, Kearns High Band, and other entrants march down the parade route. Murray Citys float, with its butterfly, and bees, and lovely ladies took the first place prize in the Grand Prize category. The United Steel Workers float was second, and the Magna Chamber float was third. In the Junior Prize category, the Lake Ridge 1st Ward won first place, with Jobs Daughters and Demolay in second place, and the Pirate Swim Club taking third. '""The Novelty Division saw Spencer 1st Ward and Pleasant Green 4th Ward taking top honors, while Noahs Ark Boat, and an entry entitled What to do in Summer took second and third respectively. As the day went on, the baseball game between the Provo American Legion, and our own players; as well as the presentation of Magnas royalty and the awarding of the prizes kept everyones attention, and provided plenty to do. The midway featured a and a swing ride ferris wheel, a for the kids, besides the usual cold drinks, food, and cotton candy. Shortly after 10:00 p.m., the fireworks display began, creating the beautiful illusions of sparks of many colors, and fiery pinwheels high in the air. A fine display topped off one of the best celebrations Magna has had in many e, years. The committee that organized the Independance Day fun consisted of Lloyd Beck, Roy Smith and Frank Falvo, and they started planning the days activities on January 1. All their hard work and efforts were readily enjoyed by area residents. They should be commended for their fine efforts ,vi V Sjt ir- - I I .i j? V. k, V v iI ii KGC plans increase in productivity NEW YORK, June 26 Thomas D. Barrow, chairman and chief executive officer of Kennecott Copper Corp., told New York Society of Security Analysts here today that the company plans to increase the efficiency and productive capacity of its mining properties with a capital investment of about $700 million between now and 1385. An additional $60 to $80 million would be invested in new nonmineral technologies, he stated. Barrow said he expected the next three quarters to be even stronger than the first quarter of 1979, which amounted to $21.2 million or 64 cents a share, compared to $5.3 million, or 16 cents per share, earned in the first quarter of 1978. He commented that an estimate of made recently by a financial service was not an unreasonable number. Barrow also restated his own personal goal of an earnings target of between $12 and $15 per share by the with dividends in the range of 40 percent of earnings. Capital improvements 6f about $300 million at Kennecott s Chino Mines Division in New Mexico will make this operation one of the lowest cost copper properties in this country' and will ensure a reasonable profit from that property even in periods of low copper prices, he said. The six-yeinvestment plan also will include an investment of between $300 and $400 million for new concentrator facilities $3.80-per-sha-re mid-1980- s, I ar at the Utah Copper Division, the chairman announced, in addition to a $12 to $15 million project at the Nevada Mines Division for low-corecovery of copper concentrate from existing tailings ponds. Barrow also identified three major technologies as scheduled for capital funding at a range between $15 and $25 million per year over the 1979-8- 2 period; alpha silicon carbide, a new ceramic material; activated carbon, a high-- . growth product used in water purification, and a continuous casting process for narrow brass strip. He stressed that borrowing for all capital projects will be managed in such a way that the companys total debt to total capital ratio will not exceed 33 percent over the period By total debt, I mean debt of all kinds - short term, long term and leases." Barrow also commented on the future world market for copper. He forecast steady growth in demand for the short term at about two percent, representing annual demand growth of 150.000 to 200,00 tons per year over the next few years. This growth, coupled with the rapid decline of stocks during 1978 and 1979, when demand grew at seven percent, could cause a pronounced excess of demand over supply, he stated. Therefore, we believe price will remain high for a reasonable period. Clearly, a recession could reduce demand, but it is dif-'st . 1979-198- 3. A . I ficult to see a seven and one-hapercent drop in demand which would be needed to offset the present excess demand over production," Barrow added. On the demand side, Barrow identified potential growt h areas for copper that he anticipated would more than compensate for inroads from competitive material. We see a significant growth trend in the substitution of electric power for petroleum-derive- d power as the oil shortage continues, he said, and the recent development of Exxon of an electric current synthesizer is not only a major development in energy saving, but it will cause a complete redesign of electric motors. The latter is an enormous market for copper wirihg that can only be dimly perceived at this time. The Kennecott chairman told the analyst meeting that his company will pursue four major strategics in planning for the future. We will reorient our investments to produce a consistent return on capital. We will increase our noncopper mineral positions and make additional investments in alpha silicon carbide, activated carbon and narrow strip brass. Barrow, commenting on Kennecotts entry into the notes Eurobond with issuance of $100 million of seven-yea- r that was completed today, said that the company would hope to return to that important financial market as our company grows. lf |