Word: coppers
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...tariff reductions as a "progressive" move and not realize that only industrialized nations with high-cost manufactured goods progress in a tariff-free market economy. You may deplore the life style of South American peasants and forget the cheap price of bananas and the high dividends on your copper stock. But when you wake up, and see that your comforts are based on the misery of others, and that the still greater comforts of others are based on the misery of all--then, does the American Dream explode? And does the Great Society explode with...
...Anaconda and Kennecott (Cerro's mine began production only last year). In effect, that means that the two companies will receive not a penny for their properties. The $774 million figure was arrived at through a complex formula. The Allende administration estimated each company's average worldwide copper profits over the past 15 years as a percentage of its book value and came up with a figure of 10%. Any profits from the company's Chilean operation that exceeded 10% a year were considered "excessive." The companies figured differently...
...complained Kennecott President Frank Milliken, whose firm has been a particularly good corporate citizen in Chile. Said Anaconda President John Place: "Allende's accounting theory is nothing more than a thin pretext for confiscation. He's now contrived to grab the world's biggest open-pit copper mine [Anaconda's Chuquicamata], plus a second major underground mine, and not pay a dime...
...Imperiled Credit. Most U.S. copper men had written off the prospect of compensation long ago. Nationalization is becoming a familiar, if uncomfortable fact of life for American firms in Latin America. In the past few months, Bolivia, Peru, Guyana and Ecuador have seized U.S. holdings. Robert McNamara, president of the World Bank, warned last week that such a trend in developing countries may "seriously imperil" their ability to get credit and may discourage investment in entire regions...
...that the Chile Telephone Co., a subsidiary of ITT, would be run by a government intervener. The move is seen by some ITT officers as the first step to expropriation. ITT's stake in Chile Telephone is covered by about $100 million in OPIC insurance. Together with the copper companies' coverage, that amounts to more than $400 million in claims. In the 20 years of its existence, the insurance corporation has paid out a total of less than $4 million...