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In The News BUSINESS NEWS AMERICAS http://www.bnamericas.com/story.jsp?sector=7¬icia=342430&… Int'l miners upbeat on Morales' plan for sector - Bolivia Wednesday, January 25, 2006 International mining companies with projects in Bolivia are optimistic about newly sworn-in socialist President Evo Morales' plans for the sector despite fears in some sectors that his leftist politics could threaten foreign investors. "We think Bolivia represents probably the best opportunity in South America today. We're very comfortable with the politics there," Canadian Apogee Minerals (TSX-V: APE) CEO John Carlesso told BNamericas. Morales caused concern among investors with threats to nationalize industries, including the oil and gas sector, during the campaign for his December election. There is a surprisingly high level of support for Morales among Bolivian businesspeople who think the new administration could bring some stability to a country that has faced years of protests, Carlesso said. But the executive acknowledged that in North America a "perception of uncertainty" surrounds the new leader. "I think there is not the level of understanding in North America of what has really taken place and what is involved in Bolivia," he said. Apogee has the La Solución silver-zinc-lead mine near capital city La Paz. In Potosí department the company holds the Buena Vista gold-silver-zinc project and a stake in the Pulacayo silver JV with Apex Silver, where a bankable feasibility study is due for completion this year. Denver-based Apex (Amex: SIL) also is upbeat about Morales. Apex's assets also include the San Cristóbal silver-zinc-lead mine in southwest Bolivia, which is scheduled to start operations in the second half of 2007. "I am confident that the new leadership in Bolivia and Apex Silver will share a common goal of making San Cristóbal an economic success for all constituencies involved," investor relations VP Igor Levental told BNamericas by e-mail. Carlesso dismissed fears that companies' assets could be in danger of nationalization, adding that Morales has discussed partnerships with countries keen to invest in Bolivia such as Spain, France and Mexico. WALK THE LINE According to political analyst Christopher Garman, Morales will have to walk a fine line between appeasing his political supporters, who tend to favor moves toward nationalization, and recognizing the benefits of private investment. "He has to assuage foreign investors that they should maintain investment plans, but also convince his leftist base of support that in fact he is doing something very different and taking action against foreign investors. It's a tough equilibrium, but I think that he has a better chance than anybody else of pulling this off," said Garman, an analyst with Eurasia Group. Being a left-wing president, Morales will be able to push through certain policies that center and right-wing leaders cannot, he said, adding Morales likely will play up the positive impacts of mining on communities, such as the creation of jobs. "He could probably sell a nationalization package, when in fact it's a mixed reform or measures which attempt to maintain property rights while extracting greater rents from investors," said Garman. In his January 22 inauguration speech, Morales called for the "refounding" of Bolivian state mining company Comibol. "It is important that Bolivia becomes a mining country again, as it has been for years. It is important to strengthen our cooperative miners," Morales said in the speech posted on the government's social communication website. For foreign miners, working together with those cooperatives and communities remains key, according to Carlesso. "That's something we go out of our way for at the beginning of every process - to really earn that trust and cooperation. We've had a lot of success in taking that approach." Laura Superneau BNamericas.com |
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| aus der Diskussion: | Explorer - Silber-Schnellzug in Fahrt - |
| Autor (Datum des Eintrages): | Watermaster (06.04.06 10:10:02) |
| Beitrag: | 4 von 58 (ID:21098172) |
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