The Bolivian government, which owns iron ore and steelmaking company Empresa Siderurgica del Mutun (ESM), has appointed three new board members.
The three new board members are Luis Alberto Añez Pereyra, Luis Núñez Ribera and Gary Julio Alberto Prado Araúz. The government said the three new executives should help ESM take faster decisions for a quick startup, which is scheduled for 2022.
The Export-Import Bank of China, Eximbank, lent $56 million in 2018, so Sinosteel Equipment could commence construction. Bolivia’s state-run Empresa Siderurgica del Mutun (ESM) invested another $9.9 million in the project.
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.