Why was Plato Malozemoff important to Fitzgerald/Ranspot?Plato Malozemoff would come to our family San Manuel Drug Store and chat with me for five years, over an ice cream sundae! Who is he and why did he like Clyde and Steve Davis? Plato worked with me in 1968-69 at the BYU after a major Microscopic Research Operation commenced at the Carlin Trend with a US Bureau of Mines Mill-site was built in 1965 to Dr. Tom Henry (check my posts who he was)
Plato Malozemoff (1909 – 1997) was born in Russia and immigrated to the US as a child. He attended the University of California, Berkeley as an undergraduate and did his graduate studies at the Montana School of Mines. He got an entry-level engineering position with Newmont Mining Corporation in 1945. Quickly rising up the corporate ranks, Malozemoff took the helm of the company in 1954. At the time it was valued at $147 million. He expanded it into a $2.3 billion firm via acquisitions and international expansion by the time he left in 1986
https://en.wikipedia.org/wiki/Plato_Malozemoff
Production at San Manuel began in 1956, with the first stopes undercut and the start-up of smelting operations there. With the flow of copper from San Manuel's 500 million-ton reserves, Magma soon jumped from eighth to fourth-largest among copper producers in the United States. Nevertheless, because of the vast sums being poured into the development of San Manuel, Magma's potential as a big money-earner appeared to be years away from fruition. Dividends had been suspended in 1949, shortly after the acquisition of San Manuel, and their reinstatement did not seem likely until the huge government loan could be retired, an event not scheduled to occur until 1973. Between 1956 and 1962, the value of Magma common stock was cut in half.
https://www.fundinguniverse.com/company-histories/magma-copper-company-history/
Nevertheless, Magma's potential was recognized by the management of Newmont Mining. In 1962, Newmont acquired 784,842 additional shares of Magma stock, offering Magma stockholders three-fourths of a share of Newmont preferred stock for each Magma share. Added to the 285,961 Magma shares that Newmont already owned, this gave Newmont 80.6 percent ownership of Magma. The acquisition was part of Newmont president Plato Malozemoff's strategy of domestic investment, thereby reducing the company's reliance on foreign holdings, particularly those in southern Africa. Over the years, the share of Newmont's income originating abroad had grown to well over 50 percent. As part of the deal, Malozemoff was able to refinance Magma's government loan, enabling Magma to resume paying dividends. Following the acquisition, the Justice Department charged Newmont, Magma, and Phelps Dodge with antitrust violations, based on interlocking directorships and Magma's 3 percent interest in Phelps Dodge. Newmont was ordered to divest Magma. This order was successfully dodged, however, and Newmont satisfied the Justice Department by getting rid of its Phelps Dodge holdings and removing the Phelps Dodge directors from its own board.
Yep, MSX needs me to assist them to make money. I have invested my own money in helping Jorge and Brent in both Chile and the US.