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Peru approves major U S copper deal under Velasco rule
Lima Peru AP President Velasco hails signing of a 855 million contract with Southern Peru Copper Corp to develop a giant copper deposit. The deal marks a key milestone in Velasco’s military tenure and signals renewed investor confidence after a period of no new investment since the 1968 coup and expropriation of International Petroleum Co. Unemployment and inventories are depressed, but the contract could trigger a broader economic revival in 1970 as Velasco secures support from a consortium led by ASMC Phelps Dodge Cerro and Newmont Mining.
MENTIONED IN THIS ARTICLE
Lima
Peru
U.S
Juan Velasco
Peru Copper. Corp
Velasco
Erie
International. Petroleum , Co
Southern Peru
American Smelting and Refining Co
Phelps Dodge Corp
Cerro Corp
Newmont Miring Corp