ST GALLEN, Switzerland – 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 Friday, a day after Argentina nationalised the country's biggest oil firm.
"The mining industry is forming tight groups among each other on how we are going to fight it...," Glencore Chief Executive Ivan Glasenberg said.
Glasenberg, speaking at a conference in the Swiss town of St Gallen, warned there would be consequences to producer countries seeking an ever larger share of mining profits, a trend which has risen alongside commodity prices as the main mining constituencies raise taxes and royalties.
Glasenberg, whose company is in the throes of a tie-up with miner Xstrata, warned Glencore would not hesitate to withdraw investments in places like Africa if governments change the terms of existing contracts in their favour. Read more here...
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