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Latino Daily News

Thursday April 14, 2011

Bolivia’s President Morales Plans to Expropriate All Mines

Bolivia’s President Evo Morales is set to announce on May 1st that he will be ‘dismantling the privatization model’ thereby expropriating privately owned zinc, silver and tin mines.

The Bolivian governments plans to place these mines under government control will reverse the actions of previous administrations that sold the mines to private interests.  The Corp Minera de Bolivia, known as Comibol will operate all the newly expropriated mines.

During Morales presidency several mines have already been expropriated like the Vinto tin smelter.  In 2006 he took over gas and oil refineries - all in a bid to have the government control the country’s natural resources. 

The result thus far of the left-leaning President’s expropriation activities is that foreign private investment has plummeted by 69% from $865 million to $271 million.