Word: coppers
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...CASE OF MY country is eloquent: between the large mines--which had been in the hands of foreign capital--and the small and medium mines, we produced altogether close to 750,000 tons of copper. Zambia, Peru, Zaire and Chile--these four countries produce 70 per cent of the copper that is traded in the world, more than 3,000,000 tons per year. But copper prices are set in the London metal markets. Chile, three years ago for instance, got an average price for copper yearly of more than 62 cents per pound, and each cent that the price...
...last year of President Frie's government, the copper price was 59. In the first year of the Popular Government it was only 49, less than 49. This year, it probably will not go higher than 47.4; but in real value, after the devaluation of the dollar, this average will be, at most, 45. And our cost of production--despite that fact that our mines have a high mineral content and are close to the ocean for easy transport--is around 45 cents in some of them; it is, of course, higher in the small and medium mines...
...DOES all of this happen? Because the inmense majority of our countries are single producers: we are the countries of chocolate, bananas, coffee, tin, oil or copper. We are countries that produce raw materials and import manufactured articles: we sell low and buy high...
...high, we are paying the high salaries of the technician, the clerk and the worker in the industrialized countries. Because our primary resources are in the hands of foreign capital, we ignore marketing strategies, we don't set prices or levels of production. We have had this experience with copper and you have had it with...
...country is a democratic one with sturdy institutions, a country whose parliament has functioned for 160 years and where the armed forces--the same as in Mexico--are professional armed forces, who respect the laws and the popular will. My country is the second largest producer of copper in the world, the biggest strip mine in the world, and the biggest underground mine in the world. My country has run up a per capita foreign debt second only to Israel, which can be considered a nation at war. I must this year pay $420 million--which is 30 per cent...