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Glencore, Coeur d’Alene Mine Output in Bolivia Cut by Protest
Glencore International AG and Coeur d’Alene Mines Corp. suspended operations at mines in southwest Bolivia because of protests in the region.
Coeur d’Alene halted its San Bartolome silver mine, according to a statement today. Glencore spokesman Marc Ocskay said in an e-mailed response to questions that its lead and zinc mines were stopped because of “wider regional issues.”
Local authorities and workers are protesting over a lack of government investment in the region. The protests, now in their 15th day, have cut revenue from metal shipments, the South American nation’s second-biggest export after natural gas, and may pare global silver and zinc supplies.
Sumitomo Corp. subsidiary Mineria San Cristobal suspended operations at the San Cristobal mine for regular maintenance as protesters threatened to cut power to the site, a press official who declined to be named said yesterday by telephone from La Paz. San Cristobal is the world’s third-largest silver mine and sixth largest in zinc, according to Sumitomo’s website.
Protesters threatened to seize San Cristobal today if Bolivian President Evo Morales fails to attend a meeting in the city of Sucre, news agency EFE reported. Morales won’t attend the event, though government officials are prepared to meet to try to resolve the conflict, presidential spokesman Ivan Canelas told state news service ABI.
Protesters say the government hasn’t invested enough in the Potosi region, where Spanish conquistadors once extracted gold and silver at the Cerro Rico mine. Local authorities are also seeking a resolution to a border dispute with the neighboring department of Oruro over a limestone deposit and the construction of an international airport.
Coeur d’Alene fell 8 cents, or 0.5 percent, to $14.98 at 1:26 p.m. in New York Stock Exchange composite trading. The stock has fallen 8.3 percent this week.
The Coeur d’Alene, Idaho-based company maintained its 2010 production target for its Bolivia mine in the statement today.
To contact the reporters responsible for this story: Matt Craze in Santiago at mcraze@bloomberg.net; Sara Shahriari in La Paz at sshahriari@bloomberg.net
To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net
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