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Show The National Enterprise, May 11, 1977 Page four KCC expansion includes investments at Magna operation Kennecott Copper Corporation is making major attempts to diversify its operations, president Frank R. Milliken recently told the companys annual stockholders meeting in New York City. Future Is bright Milliken detailed recent company activities in the fields of molybdenum, lead, nickel, iron, titanium and phosphate mining, and told stockholders the company is actively con- Federal Trade Commission approval of the pending sale of Peabody Coal Co., a Kennecott subsidiary, would make the picture even brighter, Milliken said. sidering diversification options outside the mining business but still within our technical and managerial competence. According to a movie shown at the meeting, Kennecott expects to be making major investments in its Utah, Chino and Ray properties, with the aim of increasing capacity and reducing production costs by 15 percent. In Utah, according to the movie script, the corporation will be adding larger trucks and shovels in the mine and adding grinding capacity at the concentrator. The narrator estimated the increased capacity would cost Kennecott less than $5,000 per annual ton compared with $7,000 per ton to develop a brand new productive facility. For Kennecott that means lower capital cost now per additional ton of capacity and lower deprecia tion charges in our year-to-ye- ar operations, he said. debt was at $612 million, up $162 million from last years figure, and up $350 million from two years ago. In addition, Kennecott's dividend rate recently fell to a low quarterly level of 15 cents per share. Kennecotts long-ter- Milliken did not mention one factor which could boost copper prices in Kennecotts favor in the near future. The guerilla war in Zaire, which country produces six percent of the worlds copper supply, could threaten to cig off that countrys copper production, according to a report from the Federal Reserve Bank of San Francisco. Even though the U.S. is the world's largest copper producer, the Fed says, any interruption in copper shipments from Zaire would almost certainly boost domestic prices. adorn Salt Lake Citys former Rode way Inn. According to Maughn Pearson, executive president of Pearson Enterprises, owner, the recently acquired Rode-wa- y is now named the Hilton Inn of Salt Lake. Located across 6th South from the Hilton Hotel of Salt Lake, the Inn adds 250 rooms to the Hilton Complex, bringing the total number to 608. This move will permit us to double the number of national and regional convention accounts we have now, 0 Pearson said. He added the action followed negotiations between Rodeway and Hilton corporations, ending in Pearson purchasing the Hilton franchise rather than renewing the Rodeway contract. We were able to get a good deal from Hilton, Pearson said, declining to mention a dollar figure. He said Dick Saxton was transferred from the Helena Travelodge to become general manager of the new Inn. According to Carl Decker of U&I, Inc., the move is a step in the right direction, but is less than the industry quested. re- "We wanted a quota restric- tion on imports. That would have had an immediate effect on prices, he said. The is a relief only subsidy measure. It has no effect on prices. He added the growers As far as my own bank goes, we are not going to approve loans to any new customers who didnt do business with us last year, he says, but on the other hand, were not going to turn away any of our Well regular customers. even relax our standards a For exlittle to help them. ample, Christensen says, his bank will grant a one-yeextension on loan maturity where needed. ar No As interest relief for interest rates, Christensen says they will definitely not drop, and may low-intere- st 9-1- A recent survey of its mem- bers by the Utah Bankers Association confirms Christensens beliefs. A majority of bankers say interest rates on farm loans will probably be higher than usual, but lending requirements may be more flexible. While no bankers suggested violation of sound lending principles, the feeling of many are summed up in one Utah Valley bankers statement that, we must be sensitive to the needs of the individual, and not look at the agriculture industry as a whole, as seems to be the case so often. Costnme Cutting with Photoreproduction Sugar subsidies need more sweetening While President Carter approved sugar subsidies up to two cents a pound, to boost the price to 13.5 cents a pound, neither refiners nor growers seem enchanted with the Administrations solution. rise, depending on the availability of emergency government loans. As chairman of the agricultural committee of the Utah Bankers Association, he says most rural bankers are charging interest rates of 9 to 2 percent on agricultural loans. Continued from page one farmers across their desks this year. Rex Christensen, president of the First State Bank in Salina, says the drought may tighten up some aspects of agricultural loan activity, and loosen others. m Rodeway has changed its name A new name and a new sign Drought is pushing farm loans higher con- sensus seems to be 13.5 cents is not enough. Theres no margin for profit there, Decker said. They seem to need more like 15 cents. Decker said Carters plan seems to be to rely on an international agreement to solve the present domestic sugar producers crisis. But that is a long term solution, The effect of Decker said. that agreement w'ould be three or four years down the road. Representatives of jtii r r up countries started meeting last week to sugar-producin- i g draft such an agreement. ' ENH , V - , V.' . ;?fi " ' .s. ' has the camera for your needs, whether its. . . 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