ANNOUNCEMENT 20 Jun 2012In June 2012, the government of Bolivia announced altered domestic business conditions for foreign investors.
NUMBER OF INTERVENTIONS
Supreme Decree No 1264 (Decreto Supremo N? 1264, 20 de junio de 2012): http://www.lexivox.org/norms/BO-DS-N1264.xhtml
The Wall Street Journal: http://online.wsj.com/article/SB10001424052702304765304577480421252811032.html
The Telegraph: http://www.telegraph.co.uk/finance/newsbysector/industry/mining/9350114/Glencores-Colquiri-mine-seized-in-Bolivia.html
On June 20, 2012, the Bolivian government has revoked (with Supreme Decree No 1264) Glencore's lease of the tin and zinc mine Colquiri. The mining operations were then transferred to the state mining company Comibol.
The government announced that it will take 120 days to determine what compensation Glencore should get, based on the value of machinery and equipment seized.
Glencore, a Swiss giant commodity trader that had invested USD 250 million in the Bolivian mining industry, 'strongly protested' and let know that it 'reserves its rights to seek fair compensation pursuant to all available domestic and international remedies'.