Bolivia nationalizes Swiss company?s Zinc and Tin mine

By Roger Baettig | June 12 2012 3:56 PM

Presidential Minister Juan Ramon Quintana told state-run media that the government has decided to nationalize the Colquiri mine which belongs to Swiss company Glencore's (L:GLEN) subsidiary Sinchi Wayra.

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The government announcement followed a meeting over the weekend with union leaders from the Bolivian Miners' Trade Union Federation (FSTMB) and other organizations from the Colquiri mining district to discuss the takeover, Mr. Quintana said.

Mr. Quintana said the changeover from private sector to the state-owned would be well ordered to avoid putting the mining business at risk.

Mr. Morales had already expropriated 2 smelting plants of Glencore in Y's 2007 and 2010.

Since coming to power in Y 2006, Mr. Morales has nationalized companies in several Key sectors, including hydrocarbons, electricity,telecommunications, mining and cement.

Paul A. Ebeling, Jnr.

Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.