Glencore Seeks Bolivia Compensation After Mine Nationalization
- Bolivia nationalized tin smelter in 2007; zinc mine in 2012
- Glencore has been negotiating compensation for nine years
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Glencore Plc, the Swiss miner and commodities trader headed by billionaire Ivan Glasenberg, has started arbitration proceedings against Bolivia after three of its operations were nationalized by the country, the first in 2007.
The company has tried “to settle the dispute with the government of Bolivia amicably,” it said in an e-mailed statement. “However, after almost nine years of negotiations without receiving any compensation for the nationalization of three of its operations, Glencore had no other option but to initiate arbitration proceedings to enforce its rights under international law.”