Are you ready for the same idiots who tried to scare you out of Chile’s mining sector tell you that they didn’t say what they said? Here’s the reality of the “nationalization threat” to Chile’s mining industry:
The country’s environmental commission submitted multiple variations of the article to a vote on Saturday, but they all failed to achieve the 103-vote supermajority needed to pass into the draft constitution.
However, a separate clause, article 25, which states that miners must set aside “resources to repair damage” to the environment and harmful effects where mining takes place, did get a supermajority and will be in the draft constitution.
The assembly also approved banning mining in glaciers, protected areas and regions essential to protecting the water system.
In other words, no nationalization of Chile’s mining industry and the most that lefty enviro board could get past the main assembly was 1) no mining in protected areas, which is already the law in Chile and 2) mining companies need to cover closure costs, to which 100% of mining companies reply “yeah, we knew that already“. And please don’t say you weren’t warned, as here’s how this humble corner of cyberspace wrapped up his longest rant on the subject on March 14th (and even then, it was hardly the first time we’d addressed the plug dumb stupidity behind this false polemic):
This rant could continue, but the point should be clear by now; we’re not even close to seeing Chile pass a draft bill that won’t even mean anything in the unlikely circumstance that it passes, because Chile as a nation is not stupid and will not vote for financial suicide. The Assembly knows that if they add the Nationalization of its mining industry to the draft Constitution, all the proposed reforms they really care about will be lost. And they know this as a stone cold fact at the same time that you guys up there are being told some new Commie Prez is about to steal La Escondida from BHP. Please, stop the stupid.
Great artice invest234 as with all things political in Chile this will take a very long time to play out and by then the
right will be in power and hopefully the majority of the newly
elected politicians will have been re-elected after at least
drafting a new constituiton. Nothing to be too concerned
about yet. IKE