Mine me, Don't Mind me
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One leftist leader courts mining investment, while another backs off.
Last march, Ecuador negotiated $1.4 billion in investment with the Chinese owned Ecuacorriente, as part of the Mirador copper project. The government also agreed to set a maximum on royalties, which under existing law only bare a minimum of 5 percent. President Rafael Correa hopes the reform will create more certainty for investors. However, the country’s Confederation of Indigenous Nationalities (CONAIE) continues to resist the mining projects for the sake of their land, the environment and resource sovereignty.
Meanwhile, Evo Morales of Bolivia has been quite fickle. He has botched copper and gold mining deals with India’s Jindal and nationalized tin mines owned by Swiss Glencore. Most recently, Morales cancelled operations at a silver mine owned by a subsidiary of the Canadian South American Silver Corp. The mine, with silver and indium reserves worth an estimated $2 billion, will be turned over to the state-owned firm Comibol. His move comes after clashes that killed one indigenous protester.
To read the rest of the article with a brief history of mining in Bolivia, click here: http://revpana.wordpress.com/2012/08/06/mine-me-dont-mind-me/
