Thomas F. Cole (businessman)
Thomas F. Cole | |
|---|---|
| Born | Error: Invalid birth date for calculating age Keweenaw County, Michigan, U.S. |
| Died | June 4, 1939 (aged 76) Pasadena, California, U.S. |
| Occupation | Mining executive |
| Years active | 1889–1926 |
| Known for | President of Oliver Iron Mining Company; co-founder of Calumet and Arizona Copper Company and Greene-Cananea Copper Company |
Thomas Frederick Cole (July 19, 1862 – June 4, 1939) was a prominent figure in the mining industry, with significant activities in Michigan, Minnesota, and Arizona. From 1901 until 1909, he held the position of President at the Oliver Iron Mining Company. The vessel SS Thomas F. Cole, constructed in 1907 by the Pittsburgh Steamship Company under United States Steel, was named to honor him.
Early life
Cole was born in Keweenaw County, Michigan, to parents of Cornish descent. At the age of six, he experienced the loss of his father, a miner who died in a mining accident. By eight years old, Cole was employed sorting copper ore for fifty cents daily. When he reached 27, he attained his first supervisory role managing multiple mines in Michigan, earning the moniker "Boy Superintendent."
Iron
Progressing within the iron mining industry, Cole joined Oliver Iron Mining Company as general superintendent. Following the company's acquisition by J. P. Morgan in 1901 and its incorporation into U.S. Steel, Cole swiftly advanced to Vice-President and subsequently President, overseeing a workforce of approximately 20,000 employees. He moved the company’s main office from Pittsburgh to Duluth, Minnesota, where he made his home. Cole was instrumental in developing the western Mesabi range by convincing company leaders to allocate $10 million toward mining lower-grade ore—Oliver’s most substantial investment at that time. The town of Coleraine, designed as a USS model city, was named to commemorate him. He stepped down from his role in 1909 to focus on copper mining enterprises in Montana and Arizona.
Copper
In 1901, Cole partnered with investors to establish the Calumet and Arizona Copper Company. Their primary operation was the Irish Mag mine in Bisbee, Arizona, recognized as the richest strike in that area during that period. C&A also built a smelter capable of processing 500 tons to support their copper production activities there. By 1906, Cole assumed the presidency of the Butte Coalition Mining Company. That same year, he co-founded the Greene-Cananea Copper Company, which had capital stock valued at $60 million.
Death
Cole resided in Duluth until relocating to New York in 1916. After retiring from business in 1926, he moved to California. In 1939, at age 76, he died by suicide at his estate located in Pasadena.