Bolivian iron ore and steel project Empresa Siderurgica del Mutun (ESM), announced that it has reached a gross profit of BOB 17 million ($2.46 million) in 2022, after four years of losses derived from the implementation of the project.
According to ESM president Jorge Alvarado, the positive result came despite the payment of royalties to the municipality of Santa Cruz and to the Puerto Suarez port.
According to Alvarado, the project has achieved a 67 percent rate of physic execution and 70 percent financial execution, with conclusion expected still in 2023 and operation in 2024.
He added that in the coming months ESM will be producing 100,000 mt of iron ore lumps per month, against 10,000 mt per month today.