Foreign Silver Mines threatened with violent protests against South American Silver Corporation in Bolivia have prompted Bolivian president, Evo Morales to consider nationalizing the firm’s holdings. Headquartered in Vancouver, the company’s mining concession in Bolivia is in danger of being revoked, although no decision has yet been made by the Bolivian government.
South American Silver describes its property as “one of the world’s largest silver, indium and gallium deposits,” attesting to holdings that contain rare earth metals, in addition to valuable silver mines.
Bolivia, despite having copious natural resources’, including gas and oil, is the poorest nation in its region. Morales, the country’s first president of native descent, says he wants to encourage foreign investment, but feels Bolivia needs control over corporations and resources.
Demands for South American Corp. to exit Bolivia have come in the form of hostage taking by Bolivian farmers. Bolivia is one of many mineral-rich South American countries experiencing unrest from the populace, who feel that they have not benefited from silver mines in their homelands.
