Word: anaconda
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...local partners, and 21 Latin American governments complained to President Nixon that U.S. business repatriates more in profits from their continent than it invests. Now Chileans are demanding majority ownership and a larger share of the profits from their huge copper industry, which is dominated by two U.S. companies-Anaconda and Kennecott. Chilean mines produced 741,000 tons of copper last year, about a sixth of the non-Communist world's total. Last week Anaconda Co., the world's biggest copper producer, started to negotiate privately in Santiago with emissaries of President Eduardo Frei. Both sides seemed likely...
...Anaconda, however, refused to sell a share of its Chuquicamata and El Salvador mines. The government settled for one-fourth of the company's new Exotica mine, which next year is expected to add 112,500 tons to Anaconda's annual 407,000-ton production, and 49% of an exploration company. Unlike Kennecott, Anaconda depends on Chile for most (61%) of its production and half of its earnings. The company reports that its profits from Chile totaled $99 million last year, about a 17% return on its investment; the Chilean government, using different base figures, calculates that Anaconda...
Charging that fatter U.S. profits from Chilean copper are "immoral," leftists renewed their demand for outright nationalization. Other Chileans complained that Anaconda is paying for the Exotica mine out of its windfall profits rather than by investing more U.S. dollars. Although Frei is trying to strengthen his fellow Christian Democrats before the 1970 elections, he is sticking to a moderate position. This month, he demanded a 51% share of Anaconda's Chuquicamata and El Salvador mines and an increase in the company's taxes. Later, he will also seek a larger share of profits from Kennecott and Cerro...
...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...
...balance-of-payments deficit, as copper users have been forced to turn to foreign suppliers, who now charge 700 a Ib. Despite union strike benefits, federal food stamps and county welfare payments, the strikers are hurting too. "Financially, I'm busted," said Machinist Wilbur E. Moses of Anaconda, Mont., last week. "But there ain't much we can do about...