Word: chuquicamata
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Anaconda, however, refused to sell a share of its 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...
...paying for the Exotica mine out of its windfall profits rather than by investing more U.S. dollars. Although Frei is trying to strengthen his fellow Christian Democrats before the 1970 elections, he is sticking to a moderate position. This month, he demanded a 51% share of Anaconda's Chuquicamata and El Salvador mines and an increase in the company's taxes. Later, he will also seek a larger share of profits from Kennecott and Cerro...
...last legislative hurdle, and awaits only the signatures of some of the participating companies. Under the program, the government will acquire a 51% interest in the U.S.'s Braden Copper Co. and a 25% interest in two other new mining ventures, including one that will expand operations at Chuquicamata, which is already the world's largest open-pit copper mine. Ultimately, Chile hopes to double production by 1970 to 1,200,000 tons a year and bring in an additional $300 million in foreign exchange...
...copper" agreement. Needing only a congressional O.K. before it goes into effect, the deal will give the government a 51% interest in the U.S.'s Braden Copper Co. and a 25% interest in two new U.S. mining ventures, the most promising of which will extend operations at Chuquicamata, already the world's largest open-pit copper mine (TIME, Jan. 1). Nationalists and leftists in Congress are not likely to act on that presidential idea either. They accuse Frei of selling out to the Yanquis, and clamor for outright nationalization of the nearly $1 billion worth of U.S. copper...
...feet up in the northern Chilean Andes, lies the world's newest major find of copper ore. The discovery, says Roy H. Glover, board chairman of Anaconda Co., "is the greatest and most important development in copper mining in Chile since the initiation in 1914 of Chuquicamata" -and famed Chuquicamata is the world's biggest copper ore body. Last week Chile's President Carlos Ibañez gave Anaconda* an official go-ahead to spend $53 million toward making Indio Muerto an active producer for the booming international copper market...