South Korean Firm Hyundai Expresses Interest in Steel Project in Bolivia

By Dialogo
May 21, 2010

I hope Bolivia has a lot of success with these projects,,the Bolivian people deserve it. The best of luck. The South Korean multinational firm Hyundai has expressed interest in investing in a steel project associated with a fabulous deposit of iron ore in eastern Bolivia, the president of state-owned steel producer Empresa Siderúrgica de Mutún (ESM), Sergio Alandia, announced. The South Korean firm is exploring the possibility of participating in the Bolivian state’s fifty-percent stake in a shared-risk contract with the Indian firm Jindal, which has been operating in the country since 2007, Alandia told the Catholic radio station Fides. “We’ve just finished a round of initial talks with various countries, including (South) Korea; the giant firm Hyundai is interested, but we don’t want to create complications by starting to make these initial talks public,” Alandia said. A Bolivian mission led by Alandia will depart for Seoul next week to continue the negotiations, he added. In addition to South Korea’s Hyundai, firms from Russia, China, Venezuela, and Australia have shown interest in the steel project. India’s Jindal confirmed in January that it plans to invest 2.1 billion dollars in the deposit over the next forty years. According to official estimates, Mutún, on the Brazilian border, holds a reserve of 40 billion tons of iron and 10 billion tons of manganese.
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