Bolivia backpedals on Glencore, Pan Am mines
Bolivia's plans to nationalize mines owned by Pan American Silver Corp PAAS -0.56% and Swiss commodities trader Glencore International AG appear to have hit a snag, with workers' unions at the two companies rejecting the move.
The government has said it would not move forward with taking over the mines if the unions opposed it.
The idea has been discarded because the unions don't want any change, vice minister of mining development Hector Cordova told Radio Fides late Tuesday.
However, an official decision has not been made yet and mining minister Jose Pimentel was meeting with president Evo Morales Wednesday, mining ministry spokesman Alfredo Zaconeta said in a telephone interview. An official announcement is expected later in the day, he said.
We'll see what happens in May. With these kind of shananigans, whoever has the news early, eh inside, will make a ton of money.
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