Word: coppers
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...businessmen, technicians, engineers and salesmen swarm over the globe?inspecting, surveying, planning, advising, bargaining, buying and selling. One group is now in Hanoi, working on an agreement to help the North Vietnamese set up a shipping firm, textile plant and garment factory. In Zambia, geologists are surveying copper fields. On Vancouver Island, lumber men are demonstrating a new technique for cutting timber that used to be considered waste. Other groups are supervising production of Honda motorbikes in Brussels, studying sites for a hotel in Alaska and building a steel mill in South Africa, where the Japanese are considered honorary-whites...
Inflation Threat. The most important legislation before the Congress at the moment is a proposed constitutional amendment that would give Allende the power to complete nationalization of the all-important copper industry. Allende has already nationalized the coal, steel and nitrate industries, as well as two of the largest textile plants and 60% of the nation's banking. The cement industry may well be next...
...copper nationalization will have the most serious effect on the Chilean economy and on Allende's relations with the U.S., since three U.S. companies (Anaconda, Kennecott and Cerro Corp.) own the bulk of the remaining foreign interest in Chile's copper mines. Allende has also expropriated 350 latifundios (large estates), with a total of 2,593,000 acres. Although very few landless families have been relocated thus far, he likes to boast that "in five months we have done one-third of what the previous government did in six years...
...than 40 to the dollar on the black market (v. 14.5 at the official rate). Since December, Chile's foreign reserves have dropped from $332 million to $255 million. As foreign technicians have left the country, discipline at the mines has fallen steadily. At the giant El Teniente copper mine, absenteeism has increased from 7% last year to more than 25% in February, while copper production at some mines is running 20% behind last year...
Japan's own coastal waters: drilling began last week off the southern end of Honshu Island. Japanese industries buy copper from Chile, Zambia, Brazil and the Congo, nickel and iron from Australia, coal from Canada and the U.S. Far more is required. By 1975, Japan expects to need imports for 58% of its lumber, 83% of its copper, 85% of its coal and 90% of its iron...