Bolivia to consider nationalizing embattled silver project [Reuters]


(Reuters) – Bolivia will consider nationalizing Canadian miner South American Silver Corp’s silver property, President Evo Morales said on Sunday, following violent indigenous protests against the mining project.

Leftist Morales, who last month took control of global commodities giant Glencore’s tin and zinc mine in the Andean country, said he hadn’t taken a final decision on whether to revoke the Canadian miner’s concession.

“Nationalization is our obligation, I already raised the issue of nationalizing (the Malku Khota project) last year, and I told (local residents) to reach an agreement, because when they want we’re going to nationalize,” Morales told a farmers’ gathering.

Exploration work, in which South American Silver plans to invest some $50 million, is expected to end within three years. The company describes it as “one of the world’s largest undeveloped silver, indium and gallium deposits.”

A Bolivian man died and at least four others were hurt as protesters occupied the property, local media reported on Friday. An increase in social unrest and anti-government protests are testing Morales, the country’s first leader of indigenous descent.

Mining is also coming under fire in neighboring Chile and Peru, where many citizens feel they haven’t profited from a metals-led economic boom.

Read more

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Follow

Get every new post delivered to your Inbox.

Join 4,933 other followers

%d bloggers like this: