ANACONDA COMPANY

one of the largest American mining companies, producing copper, aluminum, silver, and uranium. Since 1977 it has been a subsidiary of Atlantic Richfield Company. The company's headquarters are in Denver, Colo., U.S. In 1882 Marcus Daly, an Irish immigrant, and George Hearst, father of publisher William Randolph Hearst, built Anaconda's first copper mine and smelter in Montana. Anaconda grew to become the world's largest copper producer, and in 1899 the company was purchased by the Standard Oil Trust. The deal created a national scandal when it was discovered that officers of the trust had made huge profits by selling public stock in the new company before the old owners had been paid. In 1914 Anaconda started buying into foreign mining companies. By 1929 the company owned all of Chile Copper Company, whose Chuquicamata mine was the world's most productive. In 1971 Chile's newly elected Socialist president, Salvador Allende, expropriated Anaconda's Chilean copper mines under powers granted by an amendment to Chile's constitution. The Allende government was toppled in 1973, and the new government agreed to pay Anaconda more than $250,000,000 for its expropriated mines. Losses from the Chilean takeover, however, had seriously weakened the company's financial position, and in 1977 the company was sold to Atlantic Richfield Company (ARCO), a diversified energy corporation.