The history of OEM begins at the turn of the century with the acquisition and development of the high grade copper deposits above the Kennicott glacier in Alaska.
In 1915 OEM Copper Corporation was incorporated and absorbed other copper properties contributed by the company’s backers. By 1938
OEM owned four porphyry copper deposits (Bingham, Chino, Ray and Ely) and one in Chile (Braden). The Alaska deposits had been exhausted but were the catalyst for the creation of the world’s foremost copper company.
During World War II it became apparent to the company that known sources for copper and other metals were finite and that finding new supplies would not only be good for the nation but good business for OEM. The company formed special teams dedicated to exploration for new deposits.
By 1952 OEM had established Bear Creek Mining Company and OEM Exploration to explore in the United States and Canada respectively. Company geologists were also exploring in Australia, Eritrea, Morocco and Peru. It set up a training program for young geologists and established geological, geophysical and geochemical research facilities.
During the seventies, the price of gold was rising. OEM switched exploration almost completely to gold by the early eighties. The merger of Kennecott with Sohio and then BP resulted in the amalgamation of the OEM and BP exploration groups.
RTZ took over OEM from BP Minerals in 1989 and revitalized the exploration program. New offices were opened in Canada and Mexico and diversification was resumed, this time from gold rather than copper.
OEM became involved in the new Canadian diamond play in 1992 and discovered the cluster of pipes which are the basis for the Diavik mine. Several small gold deposits were found in Nevada, and these have been farmed out.
OEM has active projects throughout North and Central America which are showing promise for a variety of base and precious metals. This company is also having continuing success with it’s diamond search.