Project ChilePublisher: Task Force on Churches and Corporate Responsibility, Canada
Year Published: 1977
Resource Type: Article
Cx Number: CX289
The pamphlet serves as background material for Project Chile, a national campaign to stop Canadian private investment in Chile and all governmental support for such investment until human rights and democratic institutions are restored.
Abstract: The pamphlet serves as background material for Project Chile, a national campaign to stop Canadian private investment in Chile and all governmental support for such investment until human rights and democratic institutions are restored (in Chile). The pamphlet points out that the (Chilean) junta continues its program of repression of human rights despite growing international criticism. The pamphlet describes how Canada overtly participates in the furtherance of this repressive regime on three levels. First, Noranda Mines Limited, Canada's 8th largest corporation, is in the process of finalizing a $350 million investment in the Chilean copper industry. This investment is crucial to the junta's survival since copper export is a strategic sector of Chile's economy. The Noranda investment has paved the way for other Canadian corporations to follow suit as the Superior Oil-Falconbridge network of companies is currently negotiating a similar multi-million dollar copper mine development in Chile. Secondly, three Canadian banks have also been active in sustaining the junta by lending about $20 million dollars to Chile in co-operation with a U.S.-led consortium of banks. Thirdly, it has also recently become clear that the Canadian government is directly condoning the junta despite previous condemnations. In December '76, the Canadian Export Development Corporation provided an investment guarantee to an un-named Canadian company investing in Chile. Canada has also offered support to international lending institutions which are bolstering Chile's sagging economy.