323. Editorial Note
On September 23, the Embassy transmitted the English-language text of a settlement on the expropriation of the assets of the Marcona mining company. The Government of Peru agreed to pay Marcona $61.4 million in compensation. (Telegram 8702 from Lima, September 23; National Archives, RG 59, Central Foreign Policy File, D760359–1185) Part of the Government of Peru’s payment was to come in the form of iron-ore sales. The Peruvian Government ore-sales entity, MineroPeru Commercial, agreed to sell 3.74 million tons of Peruvian ore pellets to the Marcona company at above market-prices. Because a clause in the agreement contained a Paris-International Chamber of Commerce Arbitration Clause, it could not be singed in Peru, and therefore would be signed in Panama. (Telegram 240982 to Panama, September 28; ibid., D760366–0035) On September 30, the Embassy in Panama notified the Department that the ore-sales agreement had been signed. (Telegram 6803 from Panama, September 30; ibid., D760369–0361)