neWs: americas
bolivia courted for lithium reserves
By David Craik years as car manufacturers look Morales said: “We met with “We will never give
French company Bollore Group to build more environmentally Bollore representatives. The away control of this natural
is leading the race to tap into friendly electric vehicles. company and the mining minister resource,” said Morales, who has
Bolivia’s vast resources of Bollore has a joint venture are going to start negotiating, but nationalised energy, mining and
lithium after opening talks with with Italian carmaker Pininfarina we don’t have an agreement yet.” telecommunications companies.
government officials. to produce electric cars and Morales wants to invest Bolivia does not presently
Bolivia has over half the is seeking a contract to mine $200m into mining the reserves, process or export lithium
world’s 11m metric tons of lithium at Bolvia’s Uyuni salt flat. but warned that investment due to the lack of necessary
lithium, which is used to produce South Korea’s LG Group, and a partners must be prepared to infrastructure. It aims to complete
rechargeable batteries for use joint venture between Japan’s see 60% of earnings controlled a $6m lithium carbonate plant
in mobile phones and laptops. Mitsubishi and Sumitomo groups, by the state. Production of the by the end of this year and an
However, demand for the metal are also keen to land a deal. lithium batteries should also be industrial plant to produce lithium
is likely to rise in the next few Bolivian president Evo developed in Bolivian factories. carbonate by 2012.
cUba open ‘wiThin five yearS’
The US trade embargo of Cuba Sherritt International, Spanish
could be lifted within five years, hotel group Sol Melia and
opening up the island to a “wall Venezuela’s state-run oil firm
of foreign investment capital”. PdVSA.
Stuart Culverhouse, chief “There is massive potential
economist at the investment for investment in tourism and
banking boutique Exotix, told telecommunications,” said
Pathfinder Business that moves Culverhouse. “Oil reserves are
taken by President Obama to end fairly sizeable and US majors
travel and remittance restrictions can’t get there at present. We
on Cuban Americans and to allow
.com/Baquet
may see pressure from them for
US telecoms groups to offer
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changes to be made.”
iStoc
services there had taken US-Cuba However, Daniel Erikson,
relations in the “right direction”. all have been lifted. “The embargo makes senior associate at Inter-
He said: “I’m surprised how “You will see a lot of potential investors feel American Dialogue, cautioned
quickly the new administration investment coming in from the uncertain,” said Culverhouse. that the US would need to take
made these decisions. Cuba is States and Europe. There will be a “They want to do something, positive action: “Much of the
important to America and the wall of capital.” but just don’t know how. If it embargo is codified into law
momentum is there to lift the The US placed its embargo went, Cuba would become more which means new legislation will
embargo. It will be a gradual on Cuba in 1962 and forbids US attractive.” be required to lift it.
process with maybe some companies and US subsidiaries Big investors in Cuba at “Unless Obama begins to
elements of the embargo freed from trading with or operating on present include the Canadian actively work at ending the
up first. In five years’ time, it may the island. mining and energy company embargo it will remain in place.”
panama looks for foreign investment
By David Craik in partnership with foreign He has also pledged to push
Panama’s newly-elected investors. forward a $5.25bn expansion
president, Ricardo Martinelli, is This includes: a $1bn subway of the Panama Canal, despite
promising foreign businesses system for the capital, Panama concerns that the funding could
the chance to secure contracts City; up to $400m on a new be affected by the global credit
en
worth billions of dollars. highway project; and tourism crisis. The expansion was first
ag
Martinelli, a conservative projects such as new airports agreed in 2006 and will receive
.com/Sear
and business-friendly politician, and ports for cruise ships. $2.3bn in international financing.
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who will take office on 1 July, Martinelli will look to It aims to increase capacity and iStoc
has said he will look to launch simplify the country’s tax code accommodate larger ships such 5.000 jobs and is scheduled to be
massive infrastructure spending with a 10-20% flat tax. as supertankers. It will create completed in 2014.
pathfinder business l JUNE/JULY 2009 11
PBS12 pp04-11 Comment+News.indd 11 5/6/09 15:26:01
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