Chinalco could invest $426 million in Suriname bauxite project
If approved by parliament, Chinalco could begin construction by the middle of next year.
In a speech traditionally given at the outset of the political year, Bolivian president Evo Morales gave some startling figures about the post-nationalization performance of the Colquiri mine reports El Nacional.
The Colquiri zinc and tin mine was expropriated from Swiss commodities giant Glencore in June last year following a dispute between rival unions.
During that month the mine’s output was 429 tonnes of unrefined tin and zinc.
By December 2012, the monthly production rate from the mine reached only 337 tonnes – that’s a 21% drop.
Over the same period, the state-controlled miner increased its workforce from 959 to 1,249 workers, an increase of 30%.
Morales said he was “very surprised” by the disappointing figures and characterized the developments at the mine as “worrying,” but mentioned nationalization success stories in other sectors in the country, South America’s poorest.
At the time the mine was seized Glencore said it had been planning $56 million of investment at Colquiri.
Youtube image of Morales March 2012
