Bolivias President Evo Morales said on Friday that his
government will partially take control of the country's mining
sector.
"We are discussing some deep reforms that will allow investors
to recover their investments, but they will have to make an
economic contribution to the state," Morales said during the Common
Market of the South (Mercosur) summit in Rio. "As I said before, we
need partners, not bosses."
Bolivia has significant reserves of tin, zinc, lead, silver and
gold. Additionally, the El Mutun mine is estimated to have one of
the world's largest iron ore reserves.
Eaglecrest Explorations, Apogee Minerals and Orvana Minerals
Corp. are among the foreign mining companies operating in
Bolivia.
In May 2006, Morales nationalized the country's natural gas
industry to recoup revenues.
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The move followed last week's decision by Venezuelas President Hugo
Chavez that his government will nationalize the country's
telecommunication and energy sectors.
(Xinhua News Agency January 20, 2007)
