President Evo Morales said his government can't afford to nationalize Bolivia's mining industry for now but restated his desire to eventually recover control of the nation's mineral wealth.
The announcement on Tuesday by Bolivia's first indigenous president represented a retreat from Morales' recent declarations that he would nationalize the industry, which ranks second behind natural gas as the country's top source of export income.
The change in plans did not dim Morales' oft-expressed faith that mineral wealth buried beneath Bolivian soil represents "the solution to the social and economic problems" of South America's poorest country.
"Bolivia is not poor," Morales said. "Bolivia has many riches, but they are poorly distributed. Now is the time to recover those riches and better distribute them in Bolivian society."
11th-hour deals
Over the weekend, the government succeeded in obtaining 11th-hour deals with foreign energy companies allowing them to continue operating in Bolivia under Morales' May 1 oil and gas nationalization.
On Tuesday the president said he'd work to revamp the mining industry just as soon as he hammers out final details of the energy contracts.
Morales hopes ultimately to see the state benefit more from mineral exports, which have increased dramatically this year. Bolivia shipped some US$485 million of mostly zinc, silver, gold, and tin during the first half of the year -- on pace to easily top last year's total mineral exports of US$536 million.
A crash in world tin prices during the 1980s prompted the Bolivian state mining company Comibol to lay off tens of thousands of workers. But more recently, rising demand, particularly from China, has helped to drive up Bolivian metals prices and encourage foreign investment.
Investment
Investment by international companies in Bolivia's mines more than tripled between 2003 and last year, jumping from about US$20 million to US$66 million, according to Bolivia's Mining Ministry.
Morales said the government plans to "totally consolidate" the hydrocarbons nationalization this year and has "a complete package waiting" for the mining industry.
"But we also recognize as a government we do not have the necessary economic resources to nationalize the mines," he said. "That does not mean the process has stopped."
Morales had proposed the mining industry nationalization after 16 people were killed in a clash early last month between rival bands of miners over the right to work the state-controlled tin mine in Huanuni, 290km south of La Paz.
But on Tuesday, Bolivian officials said the proposal had been downgraded to a plan aimed at generating new jobs and investment.
Bolivia's mining industry "needs to be reactivated, with the presence of the state, with the presence of the state-employed and independent miners, with new investments," presidential spokesman Alex Contreras said.
A fire caused by a burst gas pipe yesterday spread to several homes and sent a fireball soaring into the sky outside Malaysia’s largest city, injuring more than 100 people. The towering inferno near a gas station in Putra Heights outside Kuala Lumpur was visible for kilometers and lasted for several hours. It happened during a public holiday as Muslims, who are the majority in Malaysia, celebrate the second day of Eid al-Fitr. National oil company Petronas said the fire started at one of its gas pipelines at 8:10am and the affected pipeline was later isolated. Disaster management officials said shutting the
DITCH TACTICS: Kenyan officers were on their way to rescue Haitian police stuck in a ditch suspected to have been deliberately dug by Haitian gang members A Kenyan policeman deployed in Haiti has gone missing after violent gangs attacked a group of officers on a rescue mission, a UN-backed multinational security mission said in a statement yesterday. The Kenyan officers on Tuesday were on their way to rescue Haitian police stuck in a ditch “suspected to have been deliberately dug by gangs,” the statement said, adding that “specialized teams have been deployed” to search for the missing officer. Local media outlets in Haiti reported that the officer had been killed and videos of a lifeless man clothed in Kenyan uniform were shared on social media. Gang violence has left
US Vice President J.D. Vance on Friday accused Denmark of not having done enough to protect Greenland, when he visited the strategically placed and resource-rich Danish territory coveted by US President Donald Trump. Vance made his comment during a trip to the Pituffik Space Base in northwestern Greenland, a visit viewed by Copenhagen and Nuuk as a provocation. “Our message to Denmark is very simple: You have not done a good job by the people of Greenland,” Vance told a news conference. “You have under-invested in the people of Greenland, and you have under-invested in the security architecture of this
Japan unveiled a plan on Thursday to evacuate around 120,000 residents and tourists from its southern islets near Taiwan within six days in the event of an “emergency”. The plan was put together as “the security situation surrounding our nation grows severe” and with an “emergency” in mind, the government’s crisis management office said. Exactly what that emergency might be was left unspecified in the plan but it envisages the evacuation of around 120,000 people in five Japanese islets close to Taiwan. China claims Taiwan as part of its territory and has stepped up military pressure in recent years, including
RSS