Skip to comments.Resource nationalism is biggest risk to miners: report
Posted on 08/08/2011 4:46:43 AM PDT by TigerLikesRooster
Resource nationalism is biggest risk to miners: report
Sun Aug 7, 2011 2:11pm GMT
LONDON (Reuters) - Resource nationalism is the biggest threat facing the mining sector this year and next as governments seek to take advantage of higher commodity prices to try to restore fragile finances, advisory and accountancy firm Ernst & Young (E&Y) said on Sunday.
"Because the mining and metals sector rebounded quickly from the global financial crisis, it became an early target to help restore treasury conditions," the firm said.
E&Y said it had identified at least 25 countries in 2010/11 that had increased, or announced plans to increase, their government take via taxes or royalties. Governments have also been looking to lift local participation in projects, a trend E&Y thinks will only increase.
(Excerpt) Read more at af.reuters.com ...
You can buy gold and silver stocks that have operations in 3rd world nations like Peru. How long before Peru and other poor nations demand a 50% stake in such operations? Let the gringo with his magical technology build the mine and extract the gold and silver...and you clamp onto them for a 50% bite
Hugo Chavez has done this with the gringo oil companies. Not taken 50% but nationalized (taken) the entire operation
I am not merely leaving it as I found it; I am leaving it as Sebastian d’Anconia found it, and then let the world get along without him or me!
—somebody is still able to make a profit and the politicians want it——