The Bolivian ministry of mining expects its state-run company, Empresa Siderurgica del Mutun (ESM), to generate $172 million in revenues per year with a new steel and iron ore complex.
The ministry unveiled the estimate as construction works for the project advance, adding that the complex, which is located in the city of Puerto Suarez in the province of Santa Cruz, should generate $73 million per year in net profit.
The construction of a concentration plant, one of several facilities to be built at the state-run complex, is now 50 percent complete, the ministry said. Works at ESM’s concentration area include civil construction and the assembling of metal structures.
The complex will have seven facilities, including concentration, pelletizing, direct reduction, steelworks, rolling mill, a central power plant, and supporting areas. Construction works were first expected to begin in 2017 but were then postponed for June 2018. Sinosteel commenced preliminary works in the area in July 2018.
Earlier this year, the Bolivian government said construction works at the ESM complex could be completed by late 2022.