Category: Bolivia 🇧🇴

The state-owned company “Yacimientos de Litio Bolivianos” (YLB) has signed an agreement worth 1.435 billion dollars with the Chinese giant Citic Guoan and Russia’s Uranium One Group. They aim to produce and export approximately 50,000 tons of lithium per year starting from 2025.

According to information from the Ministry of Hydrocarbons and Energy of Bolivia, the Chinese consortium Catl Brunp & CMOC (CBC) has increased its investment commitment to $1.4 billion for the construction of two lithium production plants in the Uyuni and Coipasa salt flats. This investment marks a milestone in Bolivia’s energy history and solidifies the country as a reference in lithium industrialization.

To address the shortage of dollars in Bolivia, China is exploring the possibility of opening branches of Asian banks in the country. Huang Yazhong, the Chinese ambassador in Bolivia, has stated that efforts are underway to establish Chinese banking entities in Bolivia, primarily to facilitate settlement operations in bilateral trade. Given the significance of China as Bolivia’s trading partner and the limited availability of dollars, the Bolivian government is interested in coordinating with China to explore the option of conducting transactions in local currencies.

President Luis Arce took part in the II World Summit on Trade and Investment Promotion of the China Council for the Promotion of International Trade, held in Beijing. During his speech, he emphasized the importance of cooperation and dialogue in addressing the economic and social challenges that countries face.