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Bolivia Hits Record Earnings of $3.3 Billion from Mining Sector

Bolivia managed to reach a record export of minerals in 2011 earning $3.3 billion from the sector. Minister of Mining and Metallurgy, Jose Pimentel said that the high revenues were a result of rising prices of minerals.

Jose Pimentel was speaking at an accountability hearing when he gave these figures. He added that the figures gave a significant increase as compared to the previous two years export figures for the mining sector.

The mining sector had managed to regain the position as the engine of the Bolivian economy, he added. Out of the $3.3 billion that the government earned from the mining exports 164 million were in mining royalties and 272 million were earned as taxes.

The revenue from mining exports had gone up 42% compared to figures of 2010 for Bolivia. The nation also produced 7 metric tons of gold in 2011 as per the figures released. The strong growth in the mining industry will definitely aid the nation’s economy.

Bolivia has the second largest natural gas reserves in South America and an estimated 5.4 million cubic tonnes of lithium, representing 50%–70% of world reserves.

Joel Scanlon

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Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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