Bolivia to Boost Iron Exports
La Paz, May 20 (Prensa Latina) Bolivia is building an artificial canal that would make iron production and exports from the Santa Cruz region more cost-effective. President Evo Morales says Navy and military engineers will build the over 62 mile canal connecting El Mutun mine to Puerto Busch, on the border with Brazil and Paraguay.
Morales announced few days ago his government will invest $30 million to buy the barges that would carry the iron to Puerto Busch.
El Mutun ranks among the world's largest iron mines, with iron reserves calculated in 40 billion tons and 10 billion tons of manganese.
Bolivia and the Indian company Jindal Steel signed a 40-year contract on November 2007 with annual profits to round $200 million from 2012.
http://www.prensa-latina.cu/index.php?option=com_content&task=view&id=84705&Itemid=73
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