China approves US$350mn loan for Bolivia zinc refinery

China approved a US$350mn loan for the construction of a zinc refinery in Bolivia’s Oruro department.

President Luis Arce made the announcement during a ceremony in Oruro after a visit by representatives of the China Cooperation Agency and the Eximbank to the area.

The plant, with processing capacity of 150,000t/y of zinc concentrates, will increase the added value of zinc concentrates for export and recover the value of other metals such as gallium, germanium or indium, which are in high demand in the international market, Arce said.

Bolivia also expects China to approve financing for another zinc refining plant in Potosí.

Between January and November last year, Bolivia exported zinc concentrates worth US$1.67bn, mainly to Japan and China, according to the mining and metallurgy ministry.

China is also financing the US$546mn Mutún steel complex in Santa Cruz department. Works advanced 67% last year and operations should start in 2024.

Arce also reported that prospecting at the Carangas silver-gold project, operated by New Pacific Metals progressed, registering 68,000m of drilling across 150 wells, involving US$10mn. The company plans to build a US$300mn flotation plant.