 In 1971, Chile's newly elected Socialist president Salvador Allende confiscated the Chuquicamata mine from Anaconda, stripping Anaconda of two-thirds of its copper production.Allende was overthrown in 1973, and the successor government of Augusto Pinochet paid Anaconda compensation of $250 million.Losses from the Chilean takeover however, had seriously weakened the company's financial position.