China's Sinosteel Gets to Lead Bolivia's Iron Project
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Bolivian authorities have said that Chinese company Sinosteel won the bid for the El Mutun iron ore exploration project.

Sinosteel proposed to develop the projects for 450 million U.S. dollars, overtaking other bidders.

The project aims to produce 150 thousand tons of rolled steel per year for the next decade following completion.

This would cover 60 percent of the South American country's domestic demand.

Bolivia predicts that it will save over 230 million dollars a year once the project is fully up and running.

The country now imports all of its rolled steel from other countries in the region such as Brazil and Peru.

Author： 　　　Source：CRI　　　 Editor：Yang Fan