Bolivia signs major iron ore deal

Project with India's Jindal is expected to create as many as 21,000 jobs.

    Morales said the joint venture resulted from what he called "very tough" negotiations [EPA]
    The agreement calls for a $1.5-billion investment by Jindal in the first five years, followed by $2.1 billion during the estimated 40 years it will take before the mine is exhausted.
     
    "I know its Bolivia's biggest project and I want to see that it is carried out well," said Vikrant Gujral, Jindal Steel vice president.

    "The work is done. We've waited more than 50 years for this," said Evo Morales, Bolivian president, who was present at the signing ceremony in eastern Santa Cruz city along with Gujral and Walter Chavez, Empresa Siderurgica president.

    The joint agreement resulted from what Morales called "very tough" negotiations that began in June 2006.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    All Hail The Algorithm

    All Hail The Algorithm

    A five-part series exploring the impact of algorithms on our everyday lives.

    The priceless racism of the Duke of Edinburgh

    The priceless racism of the Duke of Edinburgh

    Prince Philip has done the world an extraordinary service by exposing the racist hypocrisy of "Western civilisation".

    China will determine the future of Venezuela

    China will determine the future of Venezuela

    There are a number of reasons why Beijing continues to back Maduro's government despite suffering financial losses.