Word: anaconda
(lookup in dictionary)
(lookup stats)
Dates: during 1960-1969
Sort By: most recent first
(reverse)
...Chile, the government of President Eduardo Frei Montalva came to terms, after weeks of negotiations, with the U.S.-owned Anaconda Company. Chile will buy 51% control of the giant copper interests of the company (see BUSINESS). It was a victory for the moderate Frei; Chile's more militant nationalists had agitated for outright expropriation of Anaconda...
...Anaconda Co., the world's biggest copper producer, refused two years ago to sell Chile any portion of its huge Chuquicamata and El Salvador mines, the source of 61% of the company's annual production and half of its earnings. Since then, the Latin American political winds have shifted. Last week Anaconda management decided that paid-for nationalization of the two mines, offered by moderate President Eduardo Frei, was better than the outright expropriation that Chilean leftists were demanding...
...company agreed to sell Chile 51% of its mines on next Jan. 1 for about $200 million. The remainder is to be sold after 1972 for a price still to be determined. Anaconda will continue to manage the mines for an annual fee of approximately 1% of sales, or roughly $5 million...
...agreement on the mines was a political triumph for Frei, whose shaky Christian "Democrat party must face a rising leftist challenge in the 1970 elections. But Anaconda stock dropped to a new low for the year, and company executives said that they did not know how Anaconda would make up its Chilean losses...
...unable to run the mines on its own and depends on copper for most of its foreign exchange. Still, rightists and Communists, as well as leftists within Frei's party, are preparing nationalization bills. Their demands are whipping up public emotion and may force greater concessions from Anaconda than those the company refused...