El Algarrobo: New Open Pit Iron Mine In The Atacama Desert

Compania de Acero del Pacifico, S.A., the sole Chilean steel producer, is adding to the expanding Chilean economy with development of the El Algarrobo mine. Expected to go on stream early in 1962, Algarrobo is a conventional open pit mine that will include facilities for ore extraction, crushing and screening, rail transport to the harbor at Huasco, modern ship-loading equipment and maintenance shops. CAP anticipates producing 1.38 mil- lion tons annually of high-grade ore for national and world market consumption. Chilean and North American management and engineering teams combined more than a decade ago in the financing and building of CAP'S Huachipato integrated steel plant. A similar performance is being achieved in northern Chile near the town of Vallenar with the opening of a 50-year supply of iron ore from the Algarrobo deposit. This successful intra-American undertaking deserves special mention in these times when some U.S. foreign assistance programs must be defended, particularly with respect to Latin America. North American financial participation in Algarrobo, through the Export-Import Bank of Washington, represents the greatest portion of the $24 million being invested.