Salt Lake Tribune | 1979-05-13 | Page 29

and Down the Stive! Up ' ? 1. '( ' - 'i i' n,,' ' ? i S t 'i 1 , tjt ' ! . 14,, f w.4 KCC Official Has Eye on World teltii in processing and environ Me don t know mental control ubout the smelter It everythin dnesii t ivnow evervthmg about us Mi re sull making friend' gives 'In industry renewed confidence t.i.it traditional pv roinetulluigv ire i mrv by heat despite investiga turns into hydioivitailurgy irecuv is still cry hi chemical solutions the most cftu'ient means to liberate n ppc i from me concentrate si By Robert H Woody Tribune Business Fditor I rom his new office on the lsth Ite of the Rennet ott limld1 m downtown Salt Lake City Glenn I Bakhen will lu looking ia lit Unilt , o e r I world lie i "Bnsimss 'X gr Stib mu He is presi ol the dent ntwh organ iced Ken-ncco- Miuc oN Co, a dm- - IA sion ot Ken ni ( olt Copper orp w , ith st global respon ihility for exploration development and marketing ol mineral mm t tunc II in.tut I t s-- sunday, Mac U pc ru nee the Kennecott board will utrcfullv weigh any prospective t apital commitments m foreign countries around the world, he said that woi Id that big consult ling tin political and economic realities ol the time, says Mr Bakken The dec eloping diniociatits hae nationalistic sensitivities that mean American resources com panics will not he given the waim embrace thiy would have Hicmd Jb veins ago Inhibit Presente Indeed some of the developing countries have environmental ex no matter their peitations that need (or or stage ol development How big is t inhibit consideration Inderseas Mining So, too, he said, the new mineral company will be restrained in its commitment to underseas mining in the Pacific where Kennecott has been world leader m developing the technology for recovering mungan t se nodules Born the seabed The underseas development will be an important source of minerals m the future But no one is going to put the millions required into under seas mining unless there is ance of access And that access is now clouded b as yet unconcluded aiti riialioiiul dt liberation'- on tin ol ur foiiigi, industrial pieseme kennecott had been through the foreign ventures before he noted In the Sixties, sensing the grow mu spirit of nationalism in Chile, Frank It Milliken recently retired chan man of Kennecott, and the late C D Mtchaelson, president of Ken neiott Metal Mining Division, con st rue ted what was believed to be a model agreement with Chileans Kennecott sold a 51 percent interest in its important Braden properties to the Chilean govern ment Kennecott would operate the properties But it could be dis t barged at any time the Chileans Page 5 1979 the seas Mr Bakken a lanky ix fuuttour mi h veti rail Kt C c xee utive arrivt d III S ill ake Cltv tills week to take ov t r the top post m the lit a mint r.us div tsion Born ill Minnesota I iw of 1 He was born of Norwegian Mo k 1919 in Minneapolis and was a competitive ki jumper in his teen years He was graduated in lb 12 with a mining cngineeiing dtgiee from the University of Minnesota I ntil he was named to lus new post this year he had been president of the Hi Trained by KCC that time most of the miners engineers and management at Bra den were Chileans, who had been trained by Kennecott And they were among the bestpaid workers in that country And Kennecott put pro ceeds of the sale back into the Chilean opeiatiun Kennecott's action, said Mr Bak ken was in the finest tradition of responsible international leader subsidiary Chase Brass & Copper o . in Cleveland, since 1957 His new office provides hand some vistas ranging from the Tom pie Square of the Church of Jesus Christ of Latter-daSaints to the Oquirrh Mountains and the giant Bingham Canvon pit and the high stack of the ltdh Copper Divisions By ( y smelter new $2X0nnIlion Siting Implication The implication of siting of a major new division in Salt Lake City Only about 80 people will be located in Utah as a consequence But the important thing, said Mr Bakken, will be moving a major decisionmaking function from New 5 ork to Salt Lake City ship But it was to no avail When the leftist Allende regime took over m Chile, Kennecotts interests were expropriated" along with those of the Anaconda Co and other American companies And in view of that painful , - & & 1 v tc V r -- ;i J -- ' I o" z t, f1 u vI V c iafV ? , 'if V y If a 4f? 4 t , t& ri hi New ork was an appropriate location when Kennecott had it' I hiiean properties and was owner of the now divested Peabody Coal Co St Louis, the nations largest coal company Wide Responsibility Although his responsibilities in dude phosphate mining In North Carolina lead mining in Arkansas as yet unde v eloped copper prospec ts at Rubv ( reek Alaska and tenta live pinspids from the southwest Pacific to the Caribbean Salt Lake Citv puts the minerals compuiiv lose to Kc nnec ott s most proiliu tiv e the I tab Copper Divi pi opcit us sum the Kav Am Division and the c Expansion of existing op i ations said in general is k's costly oil an annual ton basis then startup of a bland new operation even a new npi ation ill the I luted S'.ile- In l apital investment in an expan sioii m the continental I s wou'd lake about 81 OOP to i non for eac h new annual coppe r ton of c apui it y In sal On the ot he r band invest mint in a new prnpc rti could range Bom $o inm) to lii Oi Hi for eat h ton - ( hno Division M ' Ibis the Ann in an Wist Ken tu ott is is uniquely well endowed with reserves, he says The Chn.o props rly pri sents a good opporturu tv tor new investment that could making sharply cut mining costa c But until the re is confidence in an ell rat five price level for copier, he said no one will bo willing to invest in a tumor c xpansion or new project Kmneiot among the lowestcost pioduccrs of copper in the world And in the v ast Bingham oxn pit the re is a plum of high grade ore that may some day invite a major unde rground mining operation No Fxplosive Change But dont look for explosive change It will he evolutionary, he says Example As old trucks wear out they will be replaced in phase bv a process that has larger trucks been going on fur years he He is pleasantly surprised saiu, by the performance of the new At I tah Copper Division smelter this point in time, it is keeping up with concentrate delivered to it Making Friends The smelter was a daring step fm Kennecott, for it took a new tccholo gy , used by the Canadians on a small scale, and scaled it up significantly Such scaleups frequently introduce problems unforeseen on benchscale or small- - scale applications I have been burned by new technologies so many times before The apparent success of the Attractive Price pi lie's indeed have been attractive recently because of high demand, and the fact that excess world inventories have been worked off, he said There was a spate of excess production between 1974 to 1978 by toicign copper producers desperate (or foreign exchange and whose governments relied on the copper mines as mainstay of employment C oppe i That drnv e cooper prices down to the lowest lc.iels since the Great Depression and brought severe dis location m the American copper industry The nation. Jization of mines created a torce that we still don t understand They (the foreign pro ducers) consider employment a crit ical factor American business has to relate to supply and demand " High Demand As fur the long term, Mr Bakken st es a high demand for copper in the l"S(is And production is not going to Administration Admits 8.5 Inflation Gallop Boosts Controls Pressure running at an annual rate of 13 percent Even li inflation slows, as it is expected to there is broad agreement that for the full year it will wind up well above tin 7 perc ent w age guideline that is part of Curb i s anti inflation program Take the Loss? So lar comments from Washington indicate that the short term solution is simply to let workers take the inflation loss and hold to a 7 percent guideline But there may be- efforts to tighten guidelines for prices "This is not a problem that can be solved by trying to expand the rate of wage increases," said Barry Bosworth a top Inflation expert in the Carter administration By Kristin Goft Associated Press Writer NEW YORK The Carter administ raliim continues to deny it has any pi ins to institute mandatory wage price controls, but the pressure to do nioie about the inflation pioblem is c lea rly growing Top administration officials ackuow lodged this past week that inflation is c xpected to reach 8 5 percent this year, I1: percentage points higher than the w age guideline they are asking workei s - tu observ e Others in the private sector are predicting even higher rates of infla Bon The Business Council, a group of corporate executives, forecast, for ex ample, that inflation will be 9 5 percent this year For the first three months of the year the consumer price inflation has been (3) BRADEN PD10-77-- We have to accept attenuated (real) incomes because we are not achieving the productivity increases in the Indus trial sector to offset the rate of increase and fuel prices he was quoted as saying this past week Aggravate Costs Charles L Schultze, chairman of the council of Economic Advisers, made a similar observation Raising the pay standard would simply aggravate costs, he said As a result, you get a higher rate of inflation " Some economists already are writing the obituary for the voluntary wage price program unveiled last fall At the time, government economists were predicting that the program could bring down this year's inflation rate to 6 or 6 5 percent It does appear that the guidelines are falling apart Herbert N'eil, vice president and economist at Harris Bank of Chicago, recently commented In reaching that conclusion. Neil cited inflation indexing of Social Seeuri of food ATTORNEY 1 Bo 7 w "n. e . Mout Applications $250000 each un enr utrs tuee earvt cm Mint, emai veuet ueeTHie iNariA IWJMCL (g) MOLCAMUACt eervi iKtuum IMIRCMNCY 100 Gal Galvanized Cont (Can be used for itorage) Alto Coopt lor Sale American Fork 75B-287- 7 SCISSOR LIFTS LIFTS - Parts and-Service RENTALS USED 171651 0 W Hit iMIfc. tail U ki 931 Western Lift Trucks Whi h Division of Western rry CALI US AT 201-355- 5 Cun'hXiny father to four, keeps trim with Mi And which argaed that price guidelines treat corporations better than the wage guidelines treat workers While the case is open tor debate, the pressure to do more is growing stronger lines were probably creating inequities among different industry segments, which operate with different profit I margin and pricing systems The general guidelines call for all ' companies to keep their average pnte increases to half a percentage point below the average increases that occur- - . red between 1976 and 1977 Inder the current price guidelines, dont break out individual indus- which IN BILLINGS, r MT. guide- - INVITATION TO BID COUNTRY ESTATE Call Collect rcjv D0LlW406) (800) 2700 BRICK ALL ? 1924 HOME-VINT- AGE SINGLE STORY, 1 ' 2 BATH. LIBRARY LIVING ROOM WtTH DINING ROOM, & KITCHEN 245-289- 8 FIREPLACE or Toll Free l and grand- bO golfing, gardening and paddle tennis He is contemplating a return to a sport and form of skiing transport with origins attributed to his Norwegian ancestors domestic development requires up to five years tries Bosworth said the uniform Bakken, now TO BE SQ FT, MOVED BY MINIMUM ACCEPTABLE BID, $7 000 00 BIDS MUST BE SUBMITTED BY MAY 25TH 197V A CASHIERS OR CERTIFIED CHECK PAYABLE TO WALDEN HILLS INC IN THE AMOUNT OF MUST BE FURNISHED AS A DEPOSIT WITH EACH BID 421-686- 8 10. Located At Warbonnet Inn Airport Pickup Location 870 WEST BULLION ST. (56S5 South) INTERIOR TO BE SHOWN BY APPOINTMENT 486-121- WALDEN KILLS 2 rhrift & Loan Company South 700 Fa.l S.mty, IT 8 070 (801) 5S6-ib6- 'I i e THE HIGHLAND MALT LTD. A BETTER MEETING. PRESENTS INVESTMENT SEMINAR us show you why. m gm vt Jfe v s fjf y A s i K x. Presi- I London-Englan- - X j S. 4 $,' CP7o4 a r .rencn H25C ' mmq light a , m dent, Scotch Whisky Consultant Guest Speaker Mr M'chael Humphreys, Director, Amalgamated Distilled Products , 'i tu Hater's has the buy of the season. WAREHOUSE RECEIPTS Presented by JOHN AKISKALIAN, .15496 - - ' IN Ltd Yale from its mine will not have a significant impact uans for the project, the pioduction Utah Financial THE SCOTCH WHISKY YALE FORK do- between decision and execution must be preceded by a lengthy process of obtaining eeologicial permits. he said Julv Changing the scene for your next business meeting could mean Let growth in the minerals industry. CERTIFICATES cum rear CONTAINERS 300 Gal Water Cont (Can be used for gat) ITjar mestic kctp up with Iran, for example, which had a major property which was going to come on stream soon, has gone through revolution And even if it can reassemble its teihm ty But on the pricing side of the equation. Bosworth, the director of the Council ol Wage and Price Stability, has told reporters he wants to revise the guidelines so individual targets are set for every major industry The program is being reviewed for possible changes in October when it goes into a second yeai Lnwieldy Guides Bosworth and others conceded that the current pricing guidelines are unwieldy And labor critics have long olulluiidry PAID ON THRIFT THIS PAPER Near New ,10,000 lb Line Pull benefits and the thrust of negotia tions for several large unions all of which indicate millions of people will be getting increases higher than the 7 percent voluntary stardara For Social Security recipients the pace of inflation means an average 9 9 percent inc rease for 15 million people in CIcnn P. Bakken, Kenuetott Minerals president, sees ev- - HIGH RATES MAJOR UTAH CORF D A RmI Ittott back trvnJ Inquiries will be Held conlidtnliol Send nuerntt vio'f requirement to FOR HYDRAULIC PLANETARY DRIVE WINCHES (gj X Bjt these ore deposits are ire tlv ic mote in mountains, in There are no loads, no imiglcs power no water no Burned work force, he points out And political sentivities of the nationals must be c onsidci c d Mel! Endowed By contl a't the I lilted istates is comparatively well endowed with power and support transportation sc rv ic es esse utlal to mining - t hose NEW - 'v;, 2- o he sure .there ai e highergrade deposits in the world he said these could be mined and prou ssed without the high environ mint ,il costs exacted tram I S mining ni rations i, Not w - V ' 1 ore And c niudities would ? ' A 41 f.r i,?i .j Ijt 1 tl Miner - - J A s t ronrendoj savng d Place and date Wednesday, May 16. 7.30 p.m. Little America Hotel, Tucson Room, Salt Lake City or For reservation call (801) 521-35- (801) 969-640- 2 nnzKJ INC. TRUCK PARTS TOOLS AND EQUIPMENT 1563 SO. 3RD MON FRI 8-1- '.