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 | Canada- S American Silver to seek USD50m compensation from Bolivia  | |
MENAFN -
- 15/07/2012
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(MENAFN) Canada's South American Silver stated that in case Bolivia's President Evo Morales nationalizes one of the company's concessions in the South American country, the firm will demand a compensation of at least USD50 million from the Bolivian government, reported Xinhua News.
Malku Khota, the firm's affiliate in Bolivia, said that it has invested around USD16 million in exploration and carried out over USD8 million of metallurgy and exploration work that provided the data to develop the Malku Khota project, in addition to lost earnings.
Malku Khota's director, Felipe Malbran, added that the lost earnings must be included in the compensation demand.
On the other hand, the Bolivian administration said that Silver's investments at the Malku Khota region are estimated to total between USD2 million and USD3 million.
It is worth noting that the Malku Khota mine's probable deposits are worth over USD2 billion, according to Malbran.
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