Word: chileans
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...share of difficulties with Latin America lately. Peru expropriated the U.S.-owned International Petroleum Co., Mexico forced subsidiaries of U.S. mining companies to admit 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...
Debate over Morality. Nearly five years ago, Frei was elected on a moderate platform that promised to "Chileanize" the country's copper industry, then largely U.S.-owned, and double production to move it from third place to first place in the non-Communist world. His government offered tax cuts in return for production increases and a share of the ownership. Kennecott in 1967 sold Chile 51% of its El Teniente mine and promised a large expansion of operations by 1971. Chile paid the company $80 million and cut its taxes in half-down to 44% of revenues. Chile also...
...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 earns...
Returning to Santiago from a visit to neighboring Peru, Chilean Foreign Minister Gabriel Valdés hastily summoned U.S. Ambassador Edward Korry. In Lima, Valdés had held two long talks with Juan Velasco Alvarado, leader of the military junta that seized power last fall. Subject: the approaching showdown between Peru and the U.S., which neither nation really wants. Soon after his junta overthrew President Fernando Belaunde Terry in October, Velasco expropriated the U.S.-owned International Petroleum Co. As a result, the U.S., under a congressionally imposed retaliation called the Hickenlooper Amendment (TIME, Feb. 14), would have no choice...
...Courted Radicals. In the short run, the election losses will impede Frei's efforts toward further reforms in his remaining 19 months in office (under Chilean law, he cannot run for a second successive term). More important, the Christian Democrats will now have to find allies for the bigger stakes, the presidential race next year. The most likely seem to be the centrists of the Radical Party, who polled 13% of the vote last week. What will make such maneuvering doubly interesting is that the rightist National Party, its presidential hopes inspired by last week's gains, will...