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Chile - Kennecott Copper Corporation Arrangements: Formation of Sociedad Minera El Teniente S.A. and Authorization of Investments*

Published online by Cambridge University Press:  20 March 2017

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Extract

The Braden Copper Company, a foreign Corporation organized under the laws of the State of Maine of the United States, and with an agency authorized to operate in this country, is exempted from all taxes, contributions, duties or charges arising from, caused by, or as a consequence of the transfer of its property, assets and liabilities, rights and obligations, which it may effect upon formation of the Joint Mining Company** to be known as Sociedad Minera El Teniente S.A. This same exemption is granted to legal persons (corporate) who may be stockholders of Braden Copper Company.

Type
Legislation and Regulations
Information
International Legal Materials , Volume 6 , Issue 6 , November 1967 , pp. 1146 - 1161
Copyright
Copyright © American Society of International Law 1967

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Footnotes

*

[Unofficial translation edited for International Legal Materials by Helen L. Clagett from the official texts published in Diario Oficial de la Repùblica de Chile.

[Decree No. 2,046 of September 16, 1966, exempting the Braden Copper Company, a wholly-owned subsidiary of Kennecott Copper Corporation, from designated taxes and duties appears at page 1147. Decree No. 2,167 of October 1, 1966, authorizing the existence and approving the statute of Sociedad Minera El Teniente S.A., to be jointly owned by Braden Copper Company and the Chilean Government, appears at page 1148. Decree No. 316 of March 1, 1967, authorizing Sociedad Minera El Teniente S.A. to invest $230,241,000 in the El Teniente Mine and complementary installations appears at page 1151.

[Chile decrees authorizing investment to increase production at copper facilities in which the Anaconda Company has interests appear at 6 International Legal Materials 424 (1967).]

References

** [The Copper Corporation is a Chile government-owned entity.]

* [New Text of Law 11,828, revised by Law 16,624 of May 15, 1967.]

** [Mixed companies using government and private funds jointly.]