The most prominent United States corporations in Chile before Allende's presidency were the Anaconda and Kennecott copper companies and ITT Corporation, International Telephone and Telegraph. Both copper corporations aimed to expand privatized copper production in the city of Sewell in the Chilean Andes, where the world's largest underground copper mine "El Teniente", was located. At the end of 1968, according to US Department of Commerce data, United States corporate holdings in Chile amounted to $964 million. Anaconda and Kennecott accounted for 28% of United States holdings, but ITT had by far the largest holding of any single corporation, with an investment of $200 million in Chile. In 1970, before Allende was elected, ITT owned 70% of Chitelco, the Chilean Telephone Company and funded El Mercurio, a Chilean right-wing newspaper. Documents released in 2000 by the CIA confirmed that before the elections of 1970, ITT gave $700,000 to Allende's conservative opponent, Jorge Alessandri, with help from the CIA on how to channel the money safely. ITT president Harold Geneen also offered $1 million to the CIA to help defeat Allende in the elections.