We need clarification From Bolivia on there plans for our mine one way or the other...like Coeur Dalene Mines got...then maybe our shares will rise.
CBJ – April 15 – News that Bolivia may nationalize silver mines has rocked shares of some North American silver companies that operate in the South American nation.
Vancouver-based Pan American Silver Corp. (Nasdaq: PAAS, TSX: PAA), which owns 95 per cent of the San Vicente mine in Bolivia, saw its stock fall 9 per cent yesterday before seeing a 2 per cent bounce today. Pan Am recovered over 3 million ounces of silver last year from San Vicente.
Comments had been made about the possible nationalization of San Vicente, and mines owned by Glencore International Ltd., according to Reuters. Idaho's Coeur d'Alene Mines Corp. (NYSE: CDE, TSX: CDM), which was not named but wholly owns a silver mine in Bolivia, took a 7.9 per cent tumble yesterday.
In a statement released today, Coeur said Bolivia's government told the company its San Bartolomé mine would not be nationalized.
“During a meeting Thursday with Bolivian Mining Minister Jose Pimentel, the minister assured (Coeur subsidiary) Coeur Manquiri and members of the Federation of Mining Workers Trade Union that Manquiri will not be nationalized,” Coeur South American and Coeur Manquiri President Humberto Rada said in a statement.
The minister and mining unions have asked the government to reclaim other mines held by private firms, according to Reuters.