The Bolivian Mining Corporation (Comibol) and the Chinese company Phoenixminig S.A. signed a 15-year mining production contract on October 29 in the Amayapampa mining district in the municipality of Chayanta, Rafael Bustillo province in Potosí (Bolivia). An investment of USD $200 million is foreseen, which will be executed in two phases. The investment first phase will be USD $40.8 million; USD $111.1 million for the second phase and USD $48 million for unforeseen expenses. The company will carry out high-end operational work, mining 86,000 troy ounces of gold per year, which will yield USD $157 million in revenues for the Bolivian government.
The president of Comibol, Eugenio Mendoza announced that “As of today, we start an intensive production process at Amayapampa (…) it has been a long road (for years) to get a serious company to take over gold exploitation at the mine site. We have reached a happy agreement, the company has complied with all the requirements, from the inception of the letter of intent to the presentation of the bond (…). We are sure that Phoenixmining will not disappoint the trust we are placing in them as a State”.