GENEVA, SWITZERLAND – Swiss commodities giant Glencore is angered by the nationalization of a tin and zinc mine in Bolivia, saying it would seek “just” compensation for the act.
The expropriation Wednesday 20 June comes a week after violent protests between private and company miners at the Colquiri complex that left 18 injured. Miners belonging to a cooperative had demanded that part of the mine be open to them, which angered regular employees. President Evo Morales is currently attending the United Nations Conference on Sustainable Development in Rio de Janeiro, Brazil.
Glencore had bought the mine from the Bolivian state in 2005. The state-owned Corporacion Minera de Bolivia took over local operating company, Sinchi Wayra on Wednesday.
The Baar-based company owns other mines in Bolivia, including one in the southern Potosi region, whose offices were recently occupied by miners demanding a renegotiation of their contracts.
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