Evo Morales to revoke 70% of private mining concessions; no compensation

Bolivia has enacted a law which will allow it to revoke 70% of private mining concessions with zero compensation.

According toAmerica Economia (Spanish language), populist President Evo Morales is looking to reclaim "idle or unproductive" land and redistribute it to other industries which will use it.

"We have no reason to compensate for the concessions," he said, as reported by Los Tiempos. "This land belongs to the Bolivian people and it will remain for the Bolivian people."

He says the measures will affect concessions in which no investments have been made – about 1.5 million hectares of land.

There are about 7,000 mining concessions in the country, 2,254 of which are private.

A state agency will confirm that the concessions are indeed idling.