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Gold/Mining/Energy : Freeport McMoran (FCX)
FCX 41.710.0%3:59 PM EDT
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To: Elizabeth Andrews who wrote (65)11/16/2000 11:17:47 AM
From: teevee  Read Replies (1) of 141
 
Elizabeth,

I'm not sure that this is so bad. What are the land tenure regulations? I don't know the details of the new regulations.

Why should a company be able to tie up large tracts of land and not develop them? Suppose you are a farmer who owns the land you farm and also happen to own the mineral rights under your farm. What would you think about your mineral rights being expropriated even though you don't exploit them? Suppose you are a mining company who has purchased private lands and farms with mineral rights and rented those lands to farmers while retaining the mineral rights beneath. What would you think about your mineral rights being expropriated from your undeveloped holdings? One of the great strengths of countries founded upon the old British common law, is that property rights can be defended and are upheld by and in the courts. This is the "bedrock" which has fostered the general investment, economic activity and growth of all sorts which has made North America and western Europe a safer place to invest. In contrast, look at the foreign investment failures in Russia over the past decade by the resource industry.

It does, however, speak volumes to me of how backward thinking all these native regimes are, corruption aside. I wouldn't call it backward thinking. Its a different perspective:-) A similar situation is developing in northern Canada where the native population controls the Territorial governments. The native controlled governments are imposing a "Tribal politic" on a parliamentary system of government and subverting the rule of law, especially as how it applies to permitting large projects. Development permits are withheld while negotiating "benefits" agreements which are over and above existing tax and business statutes. The local governments seem eager to re open any agreements as well, under the threat of withdrawing existing permits or with holding new ones needed.
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