Word: cerro
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...shift became most visible after Peru's leftist military government on Jan. 1 seized the U.S.-owned Cerro de Pasco Corp. The U.S. Government's response to the takeover of the largest mining company in Peru was discreet silence. Instead, quiet negotiations over compensation are going on in Lima between U.S. and Peruvian government representatives...
...negotiator whom President Nixon sent to Peru is James R. Greene, a Manufacturers Hanover Trust Co. senior vice president who holds a Ph.D. in economics and has been a U.S. foreign service officer in Latin America. The talks that he has been involved in concern not only Cerro but units of at least ten other U.S. companies that either have been nationalized or stand to be. In separate meetings with Cerro, the Peruvians had offered the company only $12 million, though the firm's Peruvian unit had sales of $159 million and profits of $16.6 million from its copper...
...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...
...process of law. That assessment has proved correct, if a bit too sanguine. While giving conscientious attention to democracy and legality, Allende has nonetheless been expropriating American holdings almost as fast as he can. In July, he announced the nationalization of the mining interests of Anaconda, Kennecott and Cerro-but only after a constitutional amendment permitting the takeover had been duly introduced, debated and passed unanimously by the legislature. The amendment also provided for compensation based on the book value of the mines...
...Last week Allende announced that Chile will deduct $774 million in "excess profits" from the compensation due to Anaconda and Kennecott (Cerro's mine began production only last year). In effect, that means that the two companies will receive not a penny for their properties. The $774 million figure was arrived at through a complex formula. The Allende administration estimated each company's average worldwide copper profits over the past 15 years as a percentage of its book value and came up with a figure of 10%. Any profits from the company's Chilean operation that exceeded...