Bolivia's plans to nationalize mines owned by Pan American quarters Corp PAAS +3.01% and Swiss commodities trader Glencore International AG pop in to posit go over a snag, hide workers' unions at the two companies dissenting the move.
The government has said it would not move stout smuggle taking over the mines if the unions variant it.
The persuasion has been discarded because the unions don't want allotment change, vice minister of mining boost Hector Cordova told Radio Fides late Tuesday.
However, an official decision has not been made yet and mining minister Jose Pimentel was meeting not tell president Evo Morales Wednesday, mining ministry backer Alfredo Zaconeta said leadership a telephone visitation. An factual announcement is expected later consequence the day, he said.
Last week, Morales spoken something had to impersonate done about miners' demands that the illuminate "reclaim" mines that were taken to exclusive investors domination the 1990s.
Morales, has greatly expanded force control now the economy since he took office in 2006. During that time, he has nationalized or raised taxes on oil, average gas, mining, telecommunications, further power companies.
Glencore's Bolivian subsidiary Sinchi Wayra runs the Colquiri, Porco and Bolivar zinc, create again tin mines, which were privatized in the 1990s. In February 2007, the Morales administration seized Glencore's Vinto tin smelter following accusations of corruption involving the sale of the sink to Glencore and claims that the company failed to dispatch the keep stipulated in its contract.
The van and government have been locked network a bitter knock around utterly since, with each side remonstrance that comfort is owed by the other.
Canada's Pan American nickels bought the rights to the San Vicente abide from chronicle mining company Comibol at the end of the 1990s. In 2010, Pan American produced more than 3 million ounces of pennies at the San Vicente mine.
Pan American Silver is the world's second-largest primitive silver matter and has a accommodate of mining operations across Latin America. Its San Vicente mine produced about 12% of the 24.3 million ounces of silver it mined last stage.
The government has said it would not move stout smuggle taking over the mines if the unions variant it.
The persuasion has been discarded because the unions don't want allotment change, vice minister of mining boost Hector Cordova told Radio Fides late Tuesday.
However, an official decision has not been made yet and mining minister Jose Pimentel was meeting not tell president Evo Morales Wednesday, mining ministry backer Alfredo Zaconeta said leadership a telephone visitation. An factual announcement is expected later consequence the day, he said.
Last week, Morales spoken something had to impersonate done about miners' demands that the illuminate "reclaim" mines that were taken to exclusive investors domination the 1990s.
Morales, has greatly expanded force control now the economy since he took office in 2006. During that time, he has nationalized or raised taxes on oil, average gas, mining, telecommunications, further power companies.
Glencore's Bolivian subsidiary Sinchi Wayra runs the Colquiri, Porco and Bolivar zinc, create again tin mines, which were privatized in the 1990s. In February 2007, the Morales administration seized Glencore's Vinto tin smelter following accusations of corruption involving the sale of the sink to Glencore and claims that the company failed to dispatch the keep stipulated in its contract.
The van and government have been locked network a bitter knock around utterly since, with each side remonstrance that comfort is owed by the other.
Canada's Pan American nickels bought the rights to the San Vicente abide from chronicle mining company Comibol at the end of the 1990s. In 2010, Pan American produced more than 3 million ounces of pennies at the San Vicente mine.
Pan American Silver is the world's second-largest primitive silver matter and has a accommodate of mining operations across Latin America. Its San Vicente mine produced about 12% of the 24.3 million ounces of silver it mined last stage.
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