Bolivian state-run steelmaker company Empresa Siderúrgica Mutún (ESM) has appointed a new CEO, according to a statement from the local minister of mining, Carlos Sunagua.
Minister Sunagua said Milko Alberto Moreno Antelo was named ESM’s CEO. Antelo has the challenge of helping ESM complete a steelmaking and iron ore complex by 2022, as previously reported by SteelOrbis.
The Export-Import Bank of China, Eximbank, released $56 million by the end of 2018, so Sinosteel Equipment could commence construction. Bolivia’s state-run Empresa Siderurgica del Mutun (ESM) invested another $9.9 million in the project.
The project should be completed in 30 months. Construction works were first expected for 2017, and then for June 2018. Sinosteel started preliminary works in the area in July 2018.
The complex should have a 650,000 mt/year capacity iron ore concentration plant, out of which it will produce 400,000 mt/year of pellets and 250,000 mt/year of sponge iron.
The Mutún iron and steel complex also includes a direct reduction plant, which would be attached to a rolling mill. It should increase steel production gradually in different stages.
Minister Sunagua said the project is currently 31.55 percent complete.