Bolivia’s mining export revenue is expected to reach US$1.8-2.0 billion in 2008, the country’s vice president Álvaro García Linera said. Meanwhile increased taxes and royalties will bring the state about $230 million a year, reported Business News Americas.
The country’s total mining sector exports rose by 61% to $433 million in January-March, with tin accounting for $56 million. Full year exports in 2007 were $1.386 billion, of which $206 million was for tin. The biggest export earners are zinc and silver, with volumes now being boosted by the build up to full production of Apex Silver’s large San Cristobal project.
García said that during previous administrations, the state received 32-35% of the profits generated in the mining sector or approximately US$11 million. Now the government’s revenue will increase because of changes to the sector’s income tax obligations in addition to joint venture deals the government is carrying out with mining companies to replace lease contracts. García said private companies will have to pay 55% in taxes and royalties while mining cooperatives and the JVs with state miner Comibol will pay 75%. Last week the government announced that it had agreed to make the Colquiri tin-zinc mine a JV with Glencore’s subsidiary Sinchi Wayra.
Bolivian tin-in-concentrate production rose by 2.5% year-on-year to 3,933 tonnes in January-March, while refined tin production declined to 2,870 tonnes.
