Braden Copper Company
Encyclopedia
Braden Copper Company was an American company that controlled the El Teniente
copper mine in Chile
until 1967 when its copper
holdings were nationalized.
.
After Barton Sewell died in 1915, the Guggenheim brothers
began to open new copper deposits in the north of Chile. They finished by taking control of the Braden Copper Company so that by 1916, 95 percent of the Braden Copper Company's stock was in the hands of the Kennecott Corporation, the Guggenheim brothers firm.
In 1935, the Braden Copper Company signed the World Copper Agreement
along with the rest of the world's principle mining companies. In 1945, the company constructed the Braden Copper Stadium in the city of Rancagua
, now called Estadio El Teniente
. This stadium would be seat of the 1962 FIFA World Cup
.
In accordance with the Chilean nationalization of copper
, by 1967 the Chilean government had acquired 51 percent of the stock in the Braden Copper Company. By 1971, the company was completely nationalized.
El Teniente
El Teniente is an underground copper mine in the Chilean commune of Machalí in Cachapoal Province, O'Higgins Region, near the town of Sewell, above mean sea level in the Andes. Mining at El Teniente is reported to have started as early as 1819...
copper mine in Chile
Chile
Chile ,officially the Republic of Chile , is a country in South America occupying a long, narrow coastal strip between the Andes mountains to the east and the Pacific Ocean to the west. It borders Peru to the north, Bolivia to the northeast, Argentina to the east, and the Drake Passage in the far...
until 1967 when its copper
Copper
Copper is a chemical element with the symbol Cu and atomic number 29. It is a ductile metal with very high thermal and electrical conductivity. Pure copper is soft and malleable; an exposed surface has a reddish-orange tarnish...
holdings were nationalized.
History
Braden Copper Company was founded in 1904 by Barton Sewell and William Braden, who in 1905 bought the Chilean copper mine. Barton Sewell never visited Chile and was limited to participating in the business as an upper executive at the companies central offices in New YorkNew York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
.
After Barton Sewell died in 1915, the Guggenheim brothers
Guggenheim family
The Guggenheim family is an American family, of Swiss Jewish ancestry. Beginning with Meyer Guggenheim, who arrived in America in 1847, the family were known for their global successes in mining and smelting . During the 19th century, the family possessed one of the largest fortunes in the world...
began to open new copper deposits in the north of Chile. They finished by taking control of the Braden Copper Company so that by 1916, 95 percent of the Braden Copper Company's stock was in the hands of the Kennecott Corporation, the Guggenheim brothers firm.
In 1935, the Braden Copper Company signed the World Copper Agreement
World Copper Agreement
The World Copper Agreement signed March 28, 1935, was an attempt to create a worldwide copper cartel. Uniting African, South American and European producers, the agreement aimed to "bring about better conditions in the production, distribution and marketing of copper throughout the world outside...
along with the rest of the world's principle mining companies. In 1945, the company constructed the Braden Copper Stadium in the city of Rancagua
Rancagua
Rancagua is a city and commune in central Chile, part of the Rancagua conurbation. It is the capital of the Cachapoal Province and of the O'Higgins Region, located south of the national capital of Santiago. It had a 2002 population of 214,344...
, now called Estadio El Teniente
Estadio El Teniente
Estadio El Teniente is a multi-purpose stadium in Rancagua, Chile. It is currently used mostly for football matches. The stadium holds 14,450 people and was built in 1945 with the name Braden Copper Company Stadium . The stadium hosted several matches of World Cup Soccer in 1962...
. This stadium would be seat of the 1962 FIFA World Cup
1962 FIFA World Cup
The 1962 FIFA World Cup, the seventh staging of the World Cup, was held in Chile from 30 May to 17 June. It was won by Brazil, who retained the championship by beating Czechoslovakia 3–1 in the final...
.
In accordance with the Chilean nationalization of copper
Chilean nationalization of copper
The nationalization of the Chilean copper industry commonly described as the Chilenización del cobre or "Chileanisation of copper," was the progressive process by which the Chilean government acquired control of the major foreign-owned section of the Chilean copper mining industry. It involved the...
, by 1967 the Chilean government had acquired 51 percent of the stock in the Braden Copper Company. By 1971, the company was completely nationalized.