Word: coppers
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...with the Program. To foreign investors, Frei offers lower taxes and other inducements for expanding production; to the campesino, land reform; to slum dwellers, state-financed housing; to all taxpayers, an overhaul of the federal bureaucracy and a more efficient use of government funds. His plan to "Chileanize" the copper industry is typical of his give and take. Once Congress approves, the government will acquire a 25% interest in two new U.S. copper ventures and buy a 51% interest in the U.S.'s Braden Copper...
...American companies have revised their investment plans to include new facilities in Latin America, including Dow Chemical, General Motors and Chrysler, all of which are building large new plants. U.S. Steel, Union Carbide and Alcoa are considering multimillion-dollar expansions there. Chile's government has persuaded its U.S. copper companies-Cerro de Pasco, Kennecott and Anaconda-to invest $410 million by 1970. Venezuela has done such an effective job of mopping up its Communists that Jersey Standard's Creole and other oil companies, which transferred more than $100 million out of the country...
...lush wheat-and wine-growing valleys, is still mostly desert and mountain that do not produce enough food for the soaring population. Like Peru's Belaunde, Chile's new President Eduardo Frei offers a vast reform program, including a landmark partnership with three U.S. companies to double copper production by 1970. Frei has suffered from a hostile lame-duck Congress in which his Christian Democrats controlled only 33 of 192 seats. "Chile," he says, "cannot wait indefinitely." And this week he went into crucial congressional elections, hoping for a more cooperative legislature...
...show some economic strength. Under the sound, hard-money policies of Prado's Premier Pedro Beltran, policies that the military junta had the sense to continue, Peru's foreign reserves had climbed from almost nothing in 1959 to $106 million by 1963, old industries like iron and copper mining were expanding, new industries like fish meal were growing, and the sol had become one of Latin America's stronger currencies. Then here came Belaunde, inexperienced in government, unschooled in banking or economics. He came with a platform that seemed to promise all things...
...Peru produces everything from antimony to zinc, and the U.S. companies that do the bulk of the mining are in the mood to expand. Marcona Mining Co. plans to triple the capacity of its $20 million iron-ore pelletizing plant on Peru's southern coast; Southern Peru Copper Corp. is investing $16 million for improvements; and the king of the mountain, Cerro de Pasco Corp., has just earmarked $18 million to expand its $270 million mining complex. Next month General Motors will open a $5,000,000 assembly plant outside Lima, the first of 15 automakers, including Chrysler...