El Mutún’s $440 mn steel project is stalled

In 2016, the Chinese company Sinosteel Equipment awarded the El Mutún steel project, a 40 billion tonne iron deposit, for $440 million, financed by China’s Eximbank, to which the Bolivian State has already paid $6 million in interest. Sinosteel received $108.8 million from the previous Government for the award, and the supervising company earned $4.5 million. The Government has reported that to date there is not even 5% progress and the Chinese company did not deliver the final engineering design of the seven steel plants.

Source: ABI