Glencore protests at Colquiri nationalisation

Jun 25, 2012

Glencore International released a strongly worded statement in response to the decree by the government of Bolivia nationalising the Colquiri tin-zinc mine in La Paz province, noting that the action “will pose a number of serious questions relating to the government’s future policy towards foreign investment in the mining sector” and pointing out that major investments it was planning will now not take place.

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While the company will focus on an orderly handover of the operation, run by its local subsidiary Sinchi Wayra, to the Bolivian authorities it “reserves its rights to seek fair compensation pursuant to all available domestic and international remedies.” Colquiri produced 2,200 tonnes of tin-in-concentrate in 2011 and had been expanding production prior to the occupation of the site by militant co-operative workers at the end of May. On 15 June 1,600 troops and police were sent to the mine. on an orderly handover of the operation, run by its local subsidiary Sinchi Wayra, to the Bolivian authorities it “reserves its rights to seek fair compensation pursuant to all available domestic and international remedies.” Colquiri produced 2,200 tonnes of tin-in-concentrate in 2011 and had been expanding production prior to the occupation of the site by militant co-operative workers at the end of May. On 15 June 1,600 troops and police were sent to the mine.

The company’s statement continued: “Capital investment across our operations in Bolivia has totalled more than $80 million ($22 million in Colquiri). The nationalisation of the Colquiri mine was announced just as Glencore was finalising the renegotiation of its mining contracts with the government of Bolivia. The new agreement would have provided for a State participation of up to 55% of the profits (increasing the total government take to 77-79%), and would have included further investment commitments from Glencore of over $160 million over the next five years, of which at least $56 million alone would have been invested in the Colquiri mine.

To date, Glencore has invested over $250 million in the Bolivian mining industry and wider economy. Our investment provides several communities with jobs, education, access to healthcare and improved infrastructure. Glencore believes commercial investment enables resource-holding countries to maximise the value generated by their natural resources for the benefit of their people.”