The tradition in Latin America is that all mineral resources belonged to the Spanish crown,as they did in Spain. The various governments are the inheritors of said mineral resources. When oil was privately owned in Mexico and tin in Bolivia, Standard Oil and the PatiƱo tin interests controlled the governments There was a revolution in Bolivia to nationalize the mines. In Mexico, the Cardenas administration bought out Standard Oil and the rest of the oil interests for the amount declared on their tax statements,and there was nearly a war, with the Republicans clamoring for an invasion, but FDR refused to make an issue of it.