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China will invest and operate biggest iron and steel industry in Bolivia.

Panorama of the mountains of El Mutún in Bolivia, with a potential of millions of tons of iron and other minerals - Photo Los Tiempos

La Paz, Jun. 12 -The Chinese CEIEC company has expressed its interest in funding the creation of Bolivia´s biggest iron and steel industry in Mutun (Santa Cruz) iron deposit, confirmed an official source on Saturday, according to a report from the cuban castrist news agency Prensa Latina.

  According to the president of the state-run Mutun Iron and Steel Company (ESM), Sergio Alandia, the plan would not affect the presence and agreements signed with the Indian Jindal Steel Company, despite differences with the Executive.

Alandia said the Chinese company is interested in operating Mutun iron deposits with the building of a plant that could turn out 100 million tons of iron in three years.

If the first results are good, then they will open a big iron mine for exporting.

The 50 percent of the mine is part of an agreement signed with Jindal, however, the iron deposits are huge and can be exploited by various companies interested on investing in the region, noted Alandia.

According to ESM president, South Korean Hyundai Steel Company also expressed…READ MORE HERE