Bolivia’s Empresa Metalúrgica Vinto (EMV) will raise some US$25 million from the sale of 1,700 tonnes of refined tin. An auction which took place on 23 April will allow the first exports of tin from Bolivia since the Vinto smelter was forcibly nationalised on 9 February. Since then all metal produced at the plant had been stockpiled, resulting in a mounting cash crisis.
80% of the tin sold was awarded to Swiss trading giant Glencore, with 20% going to Cooper Trading of Brazil. Glencore had owned and operated the plant before it was nationalised and is currently in arbitration talks with the Bolivian authorities.
According to Bolivian newspaper La Razon, twelve companies had expressed interest in bidding at the auction, but only three were short-listed to participate. A second smaller auction of 400 tonnes will be held in 2-3 weeks’ time.
