Word: copperizing
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...also moved vigorously in the economic sector, which Allende left a shambles. Draconian measures such as the summary execution of black marketeers, an across-the-board freeze on wages and the drastic devaluation of the escudo have stabilized prices. Under Allende, inflation had risen more than 300%. The lucrative copper mines, which were plagued with labor strife, are functioning smoothly again. The junta has also announced its interest in negotiating with foreigners to lure badly needed investments to the country. Striking truckers are back at work, and food and other staples are beginning to flow into the major cities. Despite...
...government subsequently said it would scrap the lucrative management contracts that had been worth $40 million a year to the leading copper companies, Anglo-American of South Africa and American Metal Climax...
...indisputably the national hero, and his re-election is assured. His most impressive triumph will presumably come late next year - perhaps on Oct. 24, the tenth anniversary of his country's independence - when he stands at the throttle of the first train to rumble into the Zambian copper belt from the Tanzanian coast...
...move marks the spread of a new strategy by which multinational companies hope to counter the threat of expropriation: the international legal blockade. Kennecott Copper Corp. had some success with the approach last fall, after the Chilean government of Marxist President Salvador Allende Gossens had expropriated its huge El Teniente mine without compensation. Kennecott got courts in France, Italy, Germany and Sweden to hold up payments by European purchasers for four separate shipments of copper from El Teniente, contending that the copper was in effect stolen property. The shutoff of European markets for the copper probably helped to build economic...
...companies can hardly put as much pressure on Gaddafi as Kennecott did on Allende. Allende was isolated, strapped for foreign currency and desperately dependent upon copper sales; Gaddafi has strong backing from other Arab oil states, commands huge reserves of foreign money and can find plenty of eager markets for Libya...