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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers

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To: loantech who wrote (22764)	10/27/2006 1:34:36 AM
From: koan	Read Replies (2) of 78419

Well? Glencore’s Bolivian mining operations threatened By: Dorothy Kosich Posted: '26-OCT-06 06:00' GMT © Mineweb 1997-2006 RENO, NV (Mineweb.com) --Bolivia President Evo Morales has threatened to return several mining concessions belonging to privately owned Swiss miner Glencore International to state control. Glencore’s Bolivian subsidiary Sinchi Wayra owns five operations mining zinc, silver, tin and lead, along with a tin smelter treating concentrates from Sinchi Wayra and third-party miners. Glencore employs 3,427 persons. The parent company also owns 14% of fellow Swiss miner Xstrata. In 2005, Glencore bought Compania Minera de Sur, Bolivia’s largest tin smelter from former President Gonzalo Sanchez de Lozada, who was the founder and president of the Southern Mining Company, known as COMSUR. Sanchez, who was forced to resign as president in 2003, now lives in the United States. Bolivia has demanded his extradition. Meanwhile, Bolivian officials said they will make public a plan on October 31 that will give the Bolivian Government and its state mining company Comibol “unrestricted use” of mining resources. Morales had set an October 28 deadline to complete the nationalization of the nation’s oil and gas industry. He nationalized the country’s petroleum reserves by presidential decree on May 1, giving foreign companies six months to give majority control of their Bolivian operations to the state or leave the country. Click here to subscribe to Mineweb's free daily newsletter.

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