Word: cerro
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...amendment will affect three large American copper companies - Anacon-UP, da, Kennecott and Cerro Corp. - which have been partners with the Chilean government in the nation's five largest mines. (The government announced last week that it would also buy out the Chil ean operations of the Bank of America and the Bank of London.) Though copper nationalization was clearly a victory for Allende, one he has sought ever since he began his quest for the presidency 19 years ago, he was not altogether happy with the law as passed. The President had wanted indemnification to be paid over...
...copper nationalization will have the most serious effect on the Chilean economy and on Allende's relations with the U.S., since three U.S. companies (Anaconda, Kennecott and Cerro Corp.) own the bulk of the remaining foreign interest in Chile's copper mines. Allende has also expropriated 350 latifundios (large estates), with a total of 2,593,000 acres. Although very few landless families have been relocated thus far, he likes to boast that "in five months we have done one-third of what the previous government did in six years...
...copper mines, many of which are already partly owned by the government. Last week, in a preliminary step toward that goal, a Senate committee gave approval to a constitutional amendment permitting the government takeover and giving Allende wide bargaining powers in compensating the three U.S. corporations (Anaconda, Kennecott and Cerro) who now hold part-ownership. The companies are claiming that they have invested over $ 1 billion in the mines; the government is unlikely to set the sum anywhere near that high. How Allende conducts these negotiations will determine the state of U.S.-Chilean relations for some time to come. Whatever...
...Machiavellians, Allende submitted to Congress a constitutional amendment that would nationalize the country's mining industry. The prime targets of the amendment, which is almost certain to be adopted in the next three or four months, are the three American firms that control copper mining. Anaconda, Kennecott and Cerro together have investments of $617 million tied up in Chilean copper. Allende's move was the latest in a recent series of major expropriation steps in Latin America. In September, Argentina nationalized its telephone and telegraph industry. In October, Bolivia announced that it plans to seize all foreign holdings...
...beginning, the firm resisted Frei's "Chileanization" program (51% government ownership) and has been slower than other copper companies to train Chileans for top jobs. Not far behind will be the Kennecott Copper Corp., with an $80 million interest in El Teniente, the world's largest underground copper mine; Cerro Corp., with $15 million in copper investments; and ITT, with $200 million or more in the Chilean telephone system, a cable company and two Santiago hotels. Others are the Dow Chemical Co., Ford Motor Co., General Motors Corp., the General Tire and Rubber Co. and North American Rockwell Corp...