Bolivia mine nationalised [View all]
Source: Bloomberg
Bolivia mine nationalised
Peter Ker
June 22, 2012.
THE trend for governments to seek a bigger share of mining wealth continues apace, with Bolivia nationalising a mine run by Glencore.
In the latest incidence of ''resources nationalism'', the Bolivian government announced that state-owned mining company Comibol would take control of the Colquiri tin and zinc mine that Glencore had operated for the past seven years. Bolivian Vice-President Alvaro Garcia Linera said that Glencore's compensation would be announced within 120 days, as the mine was taken back into public hands. ''We're not going to hand our country to foreigners who destroyed Bolivia and left it stagnating for 20 years,'' he said.
The move follows several other instances where the Bolivian government - led by President Evo Morales - has sought to nationalise utilities and resource projects since coming to power in 2006.
Read more: http://www.smh.com.au/business/bolivia-mine-nationalised-20120621-20qva.html#ixzz1ySoK35Nk
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