Word: anacondas
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Dates: during 1970-1979
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...film documents U.S. economic interest in Chile. Anaconda Mining, one of the two biggest U.S. mining operations in Chile before nationalization, made 80 per cent of its profits for one year in Chile although Chile represented less than 20 per cent of Anaconda's investments. UP estimated in 1972 that the average rate of profit on copper investment for U.S. companies was 52.8 per cent compared to a 10 per cent return offered these investors by other countries...
...Canada-he stresses that the government will maintain tight control of its industry. Copper is, of course, Chile's chief source of foreign income. Under Allende's highly political management of the mines, which he seized from such U.S. firms as Kennecott and Anaconda, disastrous strikes badly hurt production. The government will continue to own the mines, but it is willing to negotiate at least partial restitution to the U.S. firms and invite them to return to help operate the mines or develop new ones, perhaps as minority owners. Says Saenz: "We will do anything necessary to have...
...free enterprise. Junta leader General Augusto Pinochet Ugarte announced that more than 300 foreign and Chilean companies taken over without compensation by the Allende regime would probably be returned to their owners. The companies include around 40 U.S. firms-but not the three large American copper companies of Kennecott, Anaconda and Cerro Corp. Combined assets for the copper firms is more than $500 million, and Pinochet said that his government was ready to negotiate compensation for them...
Behind the diplomatic negotiations, the outlines of a hard, realistic deal emerged. Chile has only one potential source for paying Anaconda and Kennecott anything: profits from the mines. But Chilean members of the U.N. mission admitted that in order to get the bogged-down mines running well again, the nation desperately needs foreign technology and expertise, and is willing to get it from the U.S. The clear implication: Anaconda and Kennecott might come back and run the mines on behalf of the Chilean government and be paid for their former ownership out of the profits that they make for Chile...
None of this means that ITT, the most celebrated American company in Chile, will get a cent for its expropriated properties. Chileans who took a conciliatory line toward Anaconda and Kennecott pointedly said nothing at all about ITT. After the scandal about ITT's alleged interference in internal Chilean politics, it would be difficult for any Chilean government of whatever ideological complexion to befriend the giant conglomerate...