Creation
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The main concentration of mines took shape in 1967. The Presidency of the State Government constituted the State-Owned Company Hulleras del Norte, S. A. (Hunosa) by decree on 9th March 1967. Hunosa was created with a capital of 3,800 million pesetas, distributed among Instituto Nacional de Industria (INI), which provided 76.92% of the capital, Duro-Felguera (9.97%), Hullera Española (6.04%), Fábrica de Mieres (2.36%), Nueva Montaña Quijano (1.82%), Carbones Asturianos (1.75%), SIA Santa Bárbara (0.79%), Compañía de Carbones, Industria y Navegación (0.26%) and Compañía Industrial Minero-Astur (0.04%). In 1968, other new private companies joined Hunosa: Hulleras de Veguín y Olloniego, Hulleras del Turón and Carbones La Nueva, followed by Nespral, Tres Amigos, Minera de Langreo y Siero, Carbones de Langreo, Coto del Musel and Minas de Riosa in 1969. With 18 nationalised companies, one of the most expensive “rescue operations” of the history of INI was closed in 1970. For the private sector, nationalisation was a way of doing away with the physical assets of little value and financial burdens in which Hunosa was subrogated. The weak inheritance received prevented Hunosa from improving its results between 1967 and 1970. That year, with losses exceeding the capital stock, this latter was reduced to zero in order to re-subscribe its stock and with no private shareholders involved, INI took control of 100% of the company. |
