Career
Daly founded his fortune on the Anaconda Copper Mine in Butte, Montana, which he bought with money from various backers, including George Hearst (father of William Randolph Hearst) in 1880. The Anaconda began as a silver mine, but copper was discovered there and found to be one of the largest deposits known at the time. He built a smelter to handle the ore, and by 1895 had become a millionaire and owner of the Anaconda Copper Mining (ACM) Company. Daly was active in Montana politics throughout the 1890s and also founded the town of Anaconda, near his smelter. In 1894 Daly spearheaded an energetic but unsuccessful campaign to have Anaconda designated as Montana's state capital. Another note in politics was his competition with fellow copper king, William A. Clark. He tried to keep him out of office by lavishly supporting Clark's opponents.
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