Word: comibol
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Dates: during 1960-1969
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...Bolivian economy diversified. Under the Kennedy Administration, the policy of no aid to tin mining has been abandoned. U.S. Ambassador Ben Stephansky persuaded President Paz to adopt a program calling for a 65% increase in Bolivian tin production by 1967. To obtain funds for modernizing the mines, Comibol entered into a three-cornered aid pact, called "Operation Triangular," with the U.S., the Inter-American Development Bank and West Germany. In return for $38 million in aid, Comibol undertook to operate its mines more efficiently and to drop 6,000 men from its 26,000-man work force...
...view of the miners' propensity for violence, a lot of Bolivians expected trouble when, on Aug. 1, the government-owned tin corporation, Comibol, put into effect an announced plan to cut the work force at the Catavi tin mines by 30%, effective Sept. 1. Members of the Red-riddled Miners Union muttered threats of violence and a nationwide general strike. But by last week's end, to the nation's surprise and relief, no serious trouble had erupted...
Point of Definition. Catavi, the country's largest single tin-mine complex, seemed a good place to start. It accounted for 30% of Comibol's operating losses, and half of its 7,000 employees were superfluous. "Be firm, don't weaken," Paz Estenssoro said to Comibol's President Guillermo Bedregal...
...Instead of a smelter, it calls for the construction of tin ore concentration plants to step up the ore-metal percentage. U.S. conditions for the loan are tough but businesslike. In addition to laying off some 8,000 nonproductive workers, the government must promise to divide its tin corporation, Comibol, into several separate government-owned companies operating under guidance of competent foreign consultants...