China to finance US$400mn Bolivia steel plant

Friday, September 26, 2014

The Chinese government will loan Bolivia US$405mn to build a steel plant that would process iron ore from the El Mutún deposit in Santa Cruz department.

President Evo Morales said that on completion of the first phase of construction the plant's output would meet 60% of domestic steel demand, processing 150,000t/y, state news agency ABI said.

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The financing deal comes after Morales spoke at the UN General Assembly.

El Mutún, which has 40Bt of iron ore and 10Bt of manganese in reserves, was suspended after Indian steelmaker Jindal Steel & Power pulled out of Bolivia and had its local assets seized.