Word: kennecott
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...Machiavellians, Allende submitted to Congress a constitutional amendment that would nationalize the country's mining industry. The prime targets of the amendment, which is almost certain to be adopted in the next three or four months, are the three American firms that control copper mining. Anaconda, Kennecott and Cerro together have investments of $617 million tied up in Chilean copper. Allende's move was the latest in a recent series of major expropriation steps in Latin America. In September, Argentina nationalized its telephone and telegraph industry. In October, Bolivia announced that it plans to seize all foreign holdings...
...American copper interests. A prime target is the $200 million investment of the Anaconda Co. In the beginning, the firm resisted Frei's "Chileanization" program (51% government ownership) and has been slower than other copper companies to train Chileans for top jobs. Not far behind will be the Kennecott Copper Corp., with an $80 million interest in El Teniente, the world's largest underground copper mine; Cerro Corp., with $15 million in copper investments; and ITT, with $200 million or more in the Chilean telephone system, a cable company and two Santiago hotels. Others are the Dow Chemical Co., Ford...
...will never be able to run the mines on their own, but copper men disagree. Says a U.S. executive: "We've spent 15 years and millions of dollars training them to run the copper mines. They can do it.'' The number of American personnel is small, in any case. Kennecott, for example, has only seven Americans in its management. The mining supervisor of the giant El Teniente is a 36-year-old Chilean named Pedro Campino. The Chileans are afraid, however, of losing their native managers and technicians to other countries, and hence Allende will pay careful heed to Castro...
...share of its Chuquicamata and El Salvador mines. The government settled for one-fourth of the company's new Exotica mine, which next year is expected to add 112,500 tons to Anaconda's annual 407,000-ton production, and 49% of an exploration company. Unlike Kennecott, Anaconda depends on Chile for most (61%) of its production and half of its earnings. The company reports that its profits from Chile totaled $99 million last year, about a 17% return on its investment; the Chilean government, using different base figures, calculates that Anaconda earns...
...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...