Andean Special Report: Ore Dreams Turning Reality

Andean Special Report: Ore Dreams Turning Reality

Andean

by Lucien ChauvinCerro Mutún, located at Bolivia’s eastern border with Brazil, contains an estimated 40.2 billion metric tons of iron ore and 10 billion tons of magnesium, ranking it among the world’s largest untapped deposits, according to the US Geological Service. It was first discovered in 1848, but the remoteness of the deposit and cost of moving the mineral out of Bolivia curtailed a number of ambitious exploitation projects. Bolivia’s history of political instability also played a factor in keeping the ore underground. Mutún’s fate took a new turn in March 2006, when India’s Jindal Steel and Power reached a tentative agreement with the Bolivian g

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