Bolivia Unveils El Mutún Industrial Iron Complex, Boosting Economic Prospects
Bolivia has launched the El Mutún iron complex, its first industrialized iron facility, which is set to produce 200,000 tons of steel annually, cutting iron imports by 50% and saving US$250 million. With an investment of US$546 million, the project will create 700 direct and over 2,000 indirect jobs, supporting infrastructure developments backed by foreign investments from Russia and Iran.
Bolivia has inaugurated its first industrialized iron production complex, the El Mutún facility, under the leadership of President Luis Arce. This significant development aims to support various infrastructure projects, particularly those backed by foreign investments from countries such as Russia and Iran. Located in Puerto Suárez, Santa Cruz, the complex is anticipated to produce approximately 200,000 tons of steel annually, which will help decrease the nation’s reliance on iron imports by 50%, saving an estimated US$250 million in the process.
The El Mutún complex, which commenced operations in 2019 before being revived in 2021, is projected to create 700 direct jobs and over 2,000 indirect jobs. The state-owned facility was developed with an investment of US$546 million and comprises multiple production units, highlighting the economic potential for Bolivia. Furthermore, there are plans for a second phase of the project to further augment production capacity to meet local demand and facilitate exports.
“Today is a historic moment for all of Bolivia. There were so many years of backwardness and delay… Our Government… fulfills their commitment to industrialize El Mutún,” stated President Arce, reflecting the project’s significance for the nation. Jorge Alvarado, President of El Mutún, remarked on the accomplishment, noting the complex’s potential to effectively reduce imports and retain foreign currency within the country.
With substantial investments from Russia and Iran, the steel produced will play a crucial role in infrastructure development, particularly for lithium extraction projects spearheaded by Russia’s Uranium One Group, and the construction of a nuclear plant in El Alto backed by Rosatom. The El Mutún steel is expected to ensure the integrity of various structures, thereby contributing to the long-term sustainability of Bolivia’s industrial capacity.
This dual focus on industrialization and foreign investment marks a pivotal shift in Bolivia’s economic strategy, bridging the nation’s resource potential with necessary infrastructure advancements to foster growth and development in key sectors.
The inauguration of the El Mutún iron complex represents a transformative step for Bolivia, poised to decrease iron imports significantly and create thousands of jobs. With strong backing from international investments, the facility not only addresses domestic needs but also positions Bolivia as a contributor to global infrastructure projects. This initiative is a critical element in the nation’s plan for sustainable economic growth and increased industrial capacity.
Original Source: en.mercopress.com
