Bolivia mine nationalised

[Judi Lynn]

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

[marmar]

1. ''resources nationalism'' ...... sounds good to me !!!

Poder al Pueblo !!!

[McCamy Taylor]

2. Go Bolivia!

[McCamy Taylor]

3. Can we nationalize the public forests that the Kochs cut down for Georgia Pacific?

I'll bet it would help with the deficit.

[Comrade Grumpy]

4. They don't call Evo's political party the Movement to Socialism for nuthin'.

[bloomington-lib]

5. ''We're not going to hand our country to foreigners who destroyed Bolivia and left it stagnating for

20 years,''

Good for them.

[sabrina 1]

6. Good for them.

Protecting their national interests from predatory Global Corps who ravage countries of their national resources while often brutally oppressing the people who own them.

[jade3000]

7. Good stuff, I hope African nations will follow

According to the article, "... Australia and Ghana have opted to increase taxes on mining companies." That's just to soft, imo. Ownership or BIG taxes are the way to go. This article at the economist suggests to me that's there's lots of room to be more aggressive:

http://www.economist.com/node/21547285

[Vidar]

8. Viva Evo!

[Citizen Worker]

9. A friend refers to Morales as EVOlve. That sums it up well.

[Judi Lynn]

10. Makes perfect sense, doesn't it? Good one. n/t