Peruvian take-over
(N.Z.P.A.-Reuter—Copyright) LIMA, Jan. 1.
Peru today takes formal possession of the huge United States-owned Cerro de Pasco Mining Corporation, nationalised by the “nationalist revo-
lutionary” Government of General Juan Velasco Alvarado. So far the Government has declined to indicate whether it plans to pay compensation for the company — Peru’s largest mining complex and one of the most important in South America. The company claims its assets are worth SUSI4Sm.
After months of hesitation, nationalisation was announced on Sunday in a decree signed by the President and his 15 Ministers — without mentioning the possibility of payment for the corporation’s installations.
In a national broadcast yesterday the President ‘denounced Cerro as “the most faithful symbol of the imperialist presence in Peru,” and said its take-over was an occasion for rejoicing by Peruvians.
Last year Cerro produced copper, lead, bismuth, gold and silver and other minor metals worth SUS22Sm, accounting for 35 per cent of Peru’s mineral production.
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Bibliographic details
Press, Volume CXIV, Issue 33422, 2 January 1974, Page 13
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157Peruvian take-over Press, Volume CXIV, Issue 33422, 2 January 1974, Page 13
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