President Luis Arce announced Bolivia’s partnership with China, securing a $350 million loan for a zinc refinery, during a local celebration in Oruro on February 5.
He highlighted the collaboration with China’s Ministry of Mining and Planning for this venture.
This endeavor promises to invigorate Oruro’s industry, leveraging its rich mining heritage.
Arce emphasized the refinery’s role in enhancing local minerals, creating quality jobs, and propelling Oruro and Bolivia toward sustained economic growth.
Funding comes from China’s Eximbank, underscoring the project’s international backing.
Chinese companies Consortium Enfi-Crig and Chong Qing Cisdi Engineering Consulting will oversee the refinery’s construction and operation.
Set at the Vinto Metallurgical Company, the facility aims to process 150,000 tons of zinc concentrate yearly.
This will result in 65,000 metric tons of refined zinc and other products annually, marking a significant step in Bolivia’s industrial and economic development.
Background
The agreement marks a strategic move for Bolivia, deepening ties with China, a global economic powerhouse.
This partnership reflects China’s growing influence in Latin America, where it has become a key investor in natural resource sectors.
Bolivia’s focus on zinc refining aligns with its aim to enhance mineral value chains and reduce raw material exports.
Historically, Bolivia has relied on exporting unprocessed minerals.
This initiative represents a shift towards industrialization, aiming to keep more of the value generated within the country.
It’s a significant step in diversifying Bolivia’s economy, which has been heavily dependent on natural resources.
The project also signals Bolivia’s efforts to create sustainable economic pathways.
Bolivia seeks to provide stable employment opportunities and boost local economies by investing in value-added industries.
This zinc refining plant could serve as a model for future projects, highlighting the benefits of international cooperation in achieving national development goals.