Bolivia mine nationalisation: Glencore to begin arbitration

Santiago

SWISS-BASED mining and trading firm Glencore said it would begin arbitration proceedings against Bolivia over the nationalisation of some of its assets by the Evo Morales government.

"Glencore's objective has always been to settle the dispute with the government of Bolivia amicably," the company said on Friday. "However, after almost nine years of negotiations without receiving any compensation for the nationalisation of three of its operations, Glencore had no other option but to initiate arbitration proceedings to enforce its rights under international law."