However, the Chinese have not been informed of the all this. Today’s hot story from Chinamining is that China wants in on the massive (really….it’s very big wow massive) Mutún iron ore project in East Bolivia. Here we go with a straight paste:
The Chinese government has proposed to extend up to US$15 billion in loan to a large scale iron ore mining project in Bolivia, sources reported.
China also intends to set up a joint venture to jointly develop the mine, according to the report.
However, a spokesman at Bolivian government said that the talks with China are still in the preliminary stage. Bolivia is also considering the related proposals raised by enterprises from Korea, Russia and Venezuela, the spokesman added.
According to the spokesman, Sergio Alandia, president of Bolivia’s state-owned steel firm ESM, will hold talks with a Korean delegation including Hyundai Steel Co this week.
Bolivia’s local newspaper, La Razon, reported yesterday citing Alandia as saying that China is facilitating an iron ore supply agreement with Bolivia and suggests China Development Bank Corp to offer loans to the above iron ore.