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An initiative to "industrialize" Bolivia's Mutún iron ore deposit involves the construction of a steel plant and the training of locals to operate it, mining and metals minister César Navarro said.
The steel plant calls for investment of US$405mn and construction is expected to take two years.
Only the part of Mutún that belongs to Bolivia and is not disputed will be developed, Navarro was quoted as saying by state news agency ABI.
This month Bolivian President Evo Morales announced that the Mutún project, which has been halted since 2011, would be reactivated. Chinese and local firms are reportedly interested in getting involved.
Mutún has some 40Bt of iron ore and 10Bt of manganese reserves, according to ABI.
BNamericas will host its 2nd Mexico Mining Summit in Mexico City on October 1-2.