So we figured maybe twelve years. It was now '64, and
during the twelve years we figured the legislation would get by
in two years, '66, but it took three years. To build a plant
would take three or four years and would be done before Frei was
finished; we'd have the first six years and get our money out.
After that, if we made a profit, fine. We'd get $80 million in
cash for the assets--51 percent of the assets which is better
than nothing. Anaconda didn't get anything out of their assets.
OPIC [Overseas Private Investment Corporation] , who insures
United States investments abroad, gave guarantees of
expropriation exchange and all of that stuff. Kennecott had
been talking to Eximbank, and they put up $100 million. We put
up the $80 million that they paid us and reinvested it back into
the company. They had to print the money to do it, but we
didn't put up any fresh cash.
Then the Copper Corporation put up the other $20 million,
so that made the $200 million. Later on it inflated up to $240
million, and I had to go and get some loans from the Japanese.
Then we went over and got a loan from the French-Italian Bank in
Italy. They were selling against copper contracts futures
contracts. It finally cost $270 million, but it was completely
financed.
Index to Haldeman Interview
No comments:
Post a Comment