Word: chiles
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...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 obtained a 30% interest in a company that Cerro Corp. formed to develop a new Chilean mine...
...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 earns...
...less happy, but he had not reckoned on price increases that resulted from rising world demand for copper. When Frei worked out his plan, copper had been averaging about 290 a pound; last week on the London Metal Exchange it sold for 690. Although the rise benefits both Chile and its U.S. partners, many Chileans are displeased...
Whipping Up Emotions. Frei wants negotiation instead of legislation; Chile is 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...
Only eight major nations in the world, all Catholic, do not allow divorce. They are Italy, Spain, Ireland, Brazil, Chile, Argentina, Colombia and Paraguay. Of the eight, the one closest to ending its prohibition is the home of the church it self. Italy's Chamber of Deputies last week began full debate on a bill that would allow civil divorce for one of seven reasons. Parliamentary observers predict that the bill will pass, probably before the end of the year...