Origin and Development of the Cerro de Pasco Copper Corporation

ALTHOUGH Cerro de Pasco was well known since the early sixteen hundreds as one of the major silver districts of the Andes, its development on a modern scale did not occur until the first decade of the present century when a syndicate organized by James B. Haggin initiated the enterprise that eventually grew into the complex and widespread operations of the Cerro de Pasco Copper Corporation. Options on a few claims in Cerro de Pasco that had been brought to New York in 1900 came to the attention of A. W. McCune, a mining man from Salt Lake City, who took them to Haggin and soon succeeded in interesting that creative mining financier in the possibilities of the district. James MacFarlane, an engineer well known to both Haggin and McCune, was sent to Peru early in 1901 to make the initial examinations which promptly led to acquisition of a substantial group of claims in the heart of the mineralized area. A syndicate to which Haggin turned over his rights was organized on Feb. 26, 1902 to provide the necessary funds. The original members were J. B. Haggin, who retained a 34 per cent interest, Edward H. Clark (for Mrs. Phoebe Hearst, the widow of Haggin's old associate, George Hearst), H. McK. Twombly, H. C. Frick, D. O. Mills, and J.P. Morgan.