South American Silver Corp Assets Seized and Nationalized by Bolivia

The Globe and Mail reported that Bolivia has seized and nationalized the assets of South American Silver Corp (TSX:SAC) under the accusation that the Vancouver-based miner was responsible for the violent conflict between two communities surrounding its Malku Khota project.

Bolivian President, Evo Morales stated:

These natural resources are of the state and as such the Bolivian people, […] there has been a problem here, this is what transnational companies are like. Companies that pit brothers against cousins, neighbours … and I am also at fault here because I did not see sooner what was happening.

South American Silver President, Greg Johnson, said in a statement:

We strongly object to the government’s stated course of actions and we will pursue all legal, constitutional and diplomatic options.

Click here to read the full Globe and Mail report. 

 Click here to view the South American Silver profile.