SET eR eta aa SRT: Vath pie Es ea 4-4 fe GPE on Chile ‘Drives Off” Copper Firms Sarion' Ss of April. 4: says. that Kennecott and. aE, _ companies are making their major investments in North _ America—particularly the United States—because of the very | shabby treatment they have received. in Chile. E'S problems have origin in recent na-|_ CHIL OF E SOM -such ters— l as earthquakes and tidal waves. But tiona disas one man-made disaster is inflation. “Despite occasional gestures toward ‘stable. money, the government. has pursued policies which raised the cost- ofliving by 26 per cent in 1962 alone,” said Barron’s. “Inflation has weighed heaviest on foreign (i.e. American) mining interests, notably Anaconda and Kennecott, have suffered endless labor unrest, Chae i exchange and confiscatory taxation.- which Ory | rates ) of “LAST YEAR, FOR example, Rehnahott had to turn over to the Chilean government more than 80 per cent of its pre- tax profits on the rich Braden Mine. cott’s earnings on In 1960, Braden its In consequence, Kenne- Chilean. operations supplied $23,600,000 of the have plummeted. company’s after- a tax net. In 1962, in striking contrast, its contribution plunged to an estimated seven million dollars, or roughly, 10 per cent of the total, ” said the weekly published by Dow J ones 0, :. ‘THE DROP IN PROFITS caused both Kennecott and|s Anaconda to slash their investments in Chile. Anaconda in |; 1961 cut its capital outlays. in Chile by .50 per cent and Ken-. necott earlier this year confirmed it would not go ahead with a projected 200 million dollar expenditure at Braden, the new programs of American Smelting & pens Copper Co. ) 1 - Magma Co. and eee Barron’s says that copper production will be turning up- |} ward in the USA with plans of Anaconda and Kennecott and IT SAYS THIS TREND is contrary to the predictions in the 1950’s of the “authoritative” Paley .Commission report |! which showed the U. 5. as a developing “have- not” mineral nation. _ Small Point: The mining industry hasn't regarded a |