Word: chuquicamata
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...last week the new Chilean Foreign Minister, Ismael Huerta, announced at the U.N. that the military junta that overthrew Allende in a bloody coup last month has reopened negotiations with Anaconda and Kennecott with a view toward paying them something for those giant copper mines -Anaconda's Chuquicamata and Kennecott's El Teniente-that Allende expropriated. Some other members of the Chilean U.N. mission even dropped hints that Anaconda and Kennecott might actually be invited back to operate the mines for the new government...
...government. Obviously well-coached about the problems that Allende's government is having with falling production, rising absenteeism and soaring wage demands at Chile's newly nationalized mines, Castro vigorously railed against troublemaking "demagogues" and "reactionaries" during a speech at a mine in Pedro de Valdivia. At Chuquicamata, the world's largest open-pit copper operation, he launched into a lecture on productivity. He thundered that "a hundred tons less per day means a loss of $36 mil lion a year...
...level, Allende hoped that the Cuban revolutionary's presence would sanctify his own efforts to tame Chile's obstreperous unions and mollify the extremists who want to turn the country into a pure socialist state overnight. With those elements, Castro certainly scored some points; one Chuquicamata copper miner enthusiastically told newsmen last week that "Fidel made us see the importance of our producing more. Now, we are all Fidelistas." But the visit also cost Allende some of his remaining good will among the Chilean political middle, which does not hold the Cuban dictator in particular esteem...
...whose firm has been a particularly good corporate citizen in Chile. Said Anaconda President John Place: "Allende's accounting theory is nothing more than a thin pretext for confiscation. He's now contrived to grab the world's biggest open-pit copper mine [Anaconda's Chuquicamata], plus a second major underground mine, and not pay a dime...
...Anaconda Co., the world's biggest copper producer, refused two years ago to sell Chile any portion of its huge Chuquicamata and El Salvador mines, the source of 61% of the company's annual production and half of its earnings. Since then, the Latin American political winds have shifted. Last week Anaconda management decided that paid-for nationalization of the two mines, offered by moderate President Eduardo Frei, was better than the outright expropriation that Chilean leftists were demanding...