Word: copperizing
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Depending on his mood or that of the audience, Tree is apt to walk down an aisle, rhythmically striking a gong or gently shaking a pair of copper baby rattles from Japan. Onstage, he may build a sonorous tremolo of several gongs, mixing in a tinkling of glass chimes or a booming thunderclap of timpani. At times he pauses, changes mood, and elicits long, random notes from a homemade North African-style flute or dramatically raises a six-foot Tibetan temple horn and blows a resounding blast. The concert is over when Tree feels it should end, sometimes after...
...Mexico forced subsidiaries of U.S. mining companies to admit local partners, and 21 Latin American governments complained to President Nixon that U.S. business repatriates more in profits from their continent than it invests. Now Chileans are demanding majority ownership and a larger share of the profits from their huge copper industry, which is dominated by two U.S. companies-Anaconda and Kennecott. Chilean mines produced 741,000 tons of copper last year, about a sixth of the non-Communist world's total. Last week Anaconda Co., the world's biggest copper producer, started to negotiate privately in Santiago with...
Debate over Morality. Nearly five years ago, Frei was elected on a moderate platform that promised to "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...
Frei seemed to have made everybody more or 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...
Charging that fatter U.S. profits from Chilean copper are "immoral," leftists renewed their demand for outright nationalization. Other Chileans complained that Anaconda is 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...