Word: coppers
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Dates: during 1960-1969
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...rivers. The crystalline waters that tumble from Alps near Reichenau, Switzerland, are choked with wastes by the time they pour into the North Sea, 820 miles away. At Basel, the Rhine picks up city sewage; the chemical industries near Mannheim dump acids, oils, phenols, ammonia, dyes, chlorine, sulphate, iron, copper, bleach, cadmium and formaldehyde into its waters; the coal mines near the confluence of the Ruhr disgorge calcium deposits and sludge; the steel mills of Cologne contribute iron dross, furnace slag, oils and fats. As a result, the Rhine has come to be known as "Europe's longest sewer...
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...
Whipping Up Emotions. Frei wants negotiation instead of legislation; Chile is unable to run the mines on its own and depends on copper for most of its foreign exchange. Still, rightists and Communists, as well as leftists within Frei's party, are preparing nationalization bills. Their demands are whipping up public emotion and may force greater concessions from Anaconda than those the company refused...