[Signed Oct. 8, 1944, in Moscow, by the USSR, the United Kingdom, and Canada. Entered into force on signature.]

Ottawa Citizen, Oct. 20, 1944:

Russia Will Pay Canadians $22,000,000 For Petsamo Nickel Mines in Finland

The Russian government will pay $20,050,O00 in United States currency 'equivalent to $22,000,000 Canadian at current exchange rates' to the Canadian government as full and final compensation for taking over the Petsamo nickel mines which Finland had leased to the International Nickel Company of Canada and its subsidiary, the Mond Nickel Company, Prime Minister Mackenzie King announced last night.

The announcement, similar to ones made in London and Moscow, said that a protocol had been signed in Moscow concerning the compensation to be paid by the Soviet government for transfer of the mines to Soviet ownership.

The mines, owned by the Finnish state and leased to the International Nickel Company and the Mond Nickel Company of the United Kingdom, were in the Petsamo district that was ceded to the Soviet under the armistice agreement of Sept. 19. 1944.

The Protocol.

Text of the protocol, signed by Canadian, United Kingdom and Russian representatives, read:

"On the occasion of the signing of the armistice agreement with the government of Finland, the government of the United Kingdom of Great Britain and Northern Ireland, the government of Canada and the government of the U.S.S.R are agreed that:

"In connection with the return by Finland to the Soviet Union of the former Soviet territory of the Oblast of Petsamo and the consequent transfer of ownership to the Soviet government of the nickel mines (including all property and installations appertaining thereto) operated in the said territory for the benefit of the Mond Nickel Company and the International Nickel Company of Canada, the Soviet government will pay to the government of Canada during the course of six years from the date of signing of the present protocol, in equal instalments, the sum of 20,000,000 United States dollars as full and final compensation to the above mentioned companies. For the purpose of this payment the United States dollar will be reckoned at the value of thirty-five dollars to one ounce of gold."

Pass It on to Company

NEW YORK, Oct. 19.—(CP)— Robert C. Stanley, chairman and president of the International Nickel Company of Canada, said tonight that the Canadian government was to receive the payment of $22,000,000 compensation for the mines which would be passed on to the company.
Back to history pages.