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Kennecott Copper Corporation, Memorandum of determinations, IIC 1018 (1972), 20th December 1972, Chile (OPIC), United States; Overseas Private Investment Corporation [OPIC]

From: Investment Claims (http://oxia.ouplaw.com). (c) Oxford University Press, 2015. All Rights Reserved. date: 19 August 2019

F1 Kennecott Copper Corp (‘Kennecott’) was an investor in the El Teniente copper mine. In 1967, Kennecott sold 51 percent of its interest in the mine to the Government of Chile for USD 80,000,000, leading to the formation of a mixed capital company between the Government of Chile and Braden Copper Company (‘Braden’), a Kennecott subsidiary. Braden loaned USD 80,000,000 to the project for further expansion of the mine. This loan was OPIC insured. On 16 July 1971, the Government of Chile nationalized Braden’s interest in the El Teniente copper mine. This...
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