Bolivia plans to nationalize the Pan American Silver Corp mine

Government of Bolivia plans to nationalize Pan American Silver Corp. mines and Swiss commodities trader Glencore International AG. However, the idea was opposed by union workers at both companies. The government said it would not realize the idea that if trade unions were opposed. However, the decision is not final; Bolivia’s mining minister, Jose Pimentel, while holding talks with President Evo Morales.

Last week, Evo Morales declared Bolivia to take back the mine that has been sold to private parties in the 1990s. Since becoming president in 2006 Bolivia, Evo Morales often apply the policy to nationalize private companies or to raise taxes on oil, natural gas, mining, telecommunications, and electricity companies.

Pan American Silver Corp. has bought the rights to mine at San Vicente since the late 1990s. Even in 2010, Pan American Silver Corp. produces more than 3 million ounces of silver from the mine at San Vicente. Pan American Silver Corp. is one of the world’s largest silver producer, they have a number of plant mines in Latin America. If Evo Morales plans to nationalize the Pan American Silver Corp. is successful, it certainly will be benefit for Bolivia.

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Posted by on Apr 21 2011. Filed under Business. You can follow any responses to this entry through the RSS 2.0. Responses are currently closed, but you can trackback from your own site.
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