Foundry Daily News

Bolivia refuses to pay Glencore

for tin smelter

<font face="arial, geneva, helvetica" size="2">The Bolivian government will not pay Swiss mining giant Glencore International AG for nationalizing its tin smelter earlier this month because the company illegally purchased the plant and failed to invest in its upkeep, President Evo Morales said yesterday. Glencore has threatened to seek international arbitration to recover its investment in the Vinto smelter after it was nationalized in February. Built in the 1970s under military dictator Hugo Banzer, Vinto was eventually bought by private miner Comsur. Glencore bought the plant from Comsur in 2004 for $14-million (U.S.), but Bolivia claims the plant is worth up to $95-million.</font>

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