Word: namibia
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American Metal Climax Inc. and the Newmont Mining Corporation each own 29 per cent of the Tsumeb Corporation. Tsumeb is Namibia's major base-mineral producer and largest employer, with 5000 black employees included on its payroll. Proxy resolutions call for both corporations to withdraw. (Another resolution asks Newmont, which manages the mines, to establish equal opportunity in its worldwide operations...
THOUGH Harvard is not involved in Newmont or American Metal, it does own stock in Phillips Petroleum and Continental Oil. Shareholder resolutions ask these two companies to cease all onshore and offshore explorations in Namibia...
Phillips and Continental each own 37.5 per cent in a consortium made October 1972 to explore a sedimentary basin off Namibia's shore. The lease concession covers nine years and entitles the South African government to a certain percentage of oil production and royalty fees. South African exploration represented less than 1 per cent of the total exploration budget for Phillips...
Phillips sees its agreement as having little effect on the situation in Namibia. No major extraction could possibly take place until 1980. Phillips claims that there are a limited number of sedimentary basins and that another company will pick the lease up. Phillips only hires a small number of technical personnel, no blacks...
Phillips representatives maintain that the company is not in conflict with U.S. policy because the U.S. does not prohibit but merely discourages investment in Namibia. The effects of U.S. restraints on these companies are minimal...