Earth Wars by Hiscock Geoff

Author:Hiscock, Geoff [Hiscock, Geoff]
Language: eng
Format: mobi, epub
Publisher: John Wiley & Sons
Published: 2012-03-22T19:00:00+00:00

In the early 1980s, Jack Welch, then head of the U.S. conglomerate General Electric, decided he no longer wanted to be in commodities. He set about divesting GE’s commodity assets, which included selling its coal mining arm Utah International for A$2.4 billion in 1984 to an Australian company then called BHP, which was primarily a steel maker and coal miner (after a 2001 merger, the company became BHP Billiton). The deal’s value was mainly in some coal mines in New Mexico and the Australian state of Queensland, but it also included iron ore deposits in Western Australia and a new copper resource called Escondida in Chile that Utah and its partner Getty Minerals had found in 1981. The deposit had its share of logistical challenges, 160 km (100 miles) from the nearest port and perched at an altitude of more than 3,000 metres (10,000 feet) in the Atacama Desert in northern Chile. It would take until 1991 before the first copper came out of Escondida, but today it is the world’s biggest copper mine, the source of 786,000 tonnes of copper concentrate in 2010, and on track for a $540 million expansion to 2.2 million tonnes a year by 2013.

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