{"id":10514,"date":"2012-05-05T08:36:51","date_gmt":"2012-05-05T06:36:51","guid":{"rendered":"http:\/\/www.myza.co.za\/05\/miners-will-battle-resource-grabs\/"},"modified":"2012-05-05T08:36:51","modified_gmt":"2012-05-05T06:36:51","slug":"miners-will-battle-resource-grabs","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/miners-will-battle-resource-grabs\/","title":{"rendered":"Miners will battle resource grabs"},"content":{"rendered":"

\t\t<\/span><\/p>\n

By Emma Farge<\/span><\/p>\n

<\/span><\/p>\n

ST GALLEN, Switzerland<\/span> May 4 (Reuters) – Mining companies
\nwill fight growing resource nationalism and could pull out of
\ncountries where governments are demanding too large a share of
\nthe pie, commodities giant Glencore warned on Fri day, a
\nday after Argentina nationalised the country’s biggest oil firm.<\/p>\n

<\/span><\/p>\n

“The mining industry is  forming tight groups among each
\nother on how we are going to fight it…,” Glencore Chief
\nExecutive Ivan Glasenberg said.<\/p>\n

<\/span><\/p>\n

Glasenberg, speaking at a conference in the Swiss town of St
\nGallen, warned there would be consequences to producer countries
\nseeking an ever larger share of mining profits, a trend which
\nhas risen alongside commodity prices as the main mining
\nconstituencies raise taxes and royalties.<\/p>\n

<\/span><\/p>\n

Glasenberg, whose company is in the throes of a tie-up with
\nminer Xstrata, warned Glencore would not hesitate to
\nwithdraw investments in places like Africa if governments change
\nthe terms of existing contracts in their favour.<\/p>\n

<\/span><\/p>\n

“African states are going to have to be very careful because
\nthere are minerals all over Africa and if they start this
\nnationalism or if they start taking a bigger profit, we will go
\nelsewhere,” he said.<\/p>\n

<\/span><\/p>\n

Glencore, the world’s largest diversified commodities
\ntrader, operates across Africa, with key production assets on
\nthe continent in South Africa, the Democratic Republic of Congo,
\nZambia and Equatorial Guinea.<\/p>\n

<\/span><\/p>\n

Glasenberg also said Xstrata, the FTSE 100 miner in which it
\nhas a share of almost 34 percent, was holding back on the big
\ncopper investment in Argentina.<\/p>\n

<\/span><\/p>\n

“That won’t happen for the moment,” Glasenberg said at a
\nconference session on emerging market risks.
\n\u00a0 Continued…<\/strong><\/span><\/p>\n

<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

By Emma Farge ST GALLEN, Switzerland May 4 (Reuters) – Mining companies will fight growing resource nationalism and could pull out of countries where governments are demanding too large a share of the pie, commodities giant Glencore warned on Fri day, a day after Argentina nationalised the country’s biggest oil firm. “The mining industry is […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-10514","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/10514","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=10514"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/10514\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=10514"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=10514"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=10514"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}