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Bolivia welcomes foreign investment in development of lithium deposits — president

"We have the largest lithium reserves in the world, so there is room for many foreign companies that want to develop the deposits," Luis Arce said

ST. PETERSBURG, June 7. /TASS/. Bolivia is open to investment from foreign companies in the mining industry, in particular in the development of lithium deposits, Bolivian President Luis Arce said at a plenary meeting of the St. Petersburg International Economic Forum (SPIEF).

"There are already three companies working with us - two Chinese and one Russian. At the end of last year, we sent a new invitation to companies. We have the largest lithium reserves in the world, so there is room for many foreign companies that want to develop the deposits. Lithium mining is the most important area for foreign investment," he said.

In April 2021, Bolivia announced its first tender for the development of lithium deposits. As a result, the Bolivian state company Yacimientos de Litio Bolivianos (YLB) entered into agreements with the Chinese CBC and Citic Guoan, as well as with Uranium One, part of Russian nuclear corporation Rosatom. Last December, YLB and Uranium One signed an agreement to build a lithium processing plant in the Bolivian department of Potosi.

The St. Petersburg International Economic Forum (SPIEF) is held on June 5-8. This year’s theme is "The Formation of New Areas of Growth as the Cornerstone of a Multipolar World." Scheduled events include meetings for small and medium-sized businesses, creative industries, the SPIEF Youth Day, as well as the Drug Security, SPIEF Academy and SPIEF Junior forums. SPIEF is organized by the Roscongress Foundation. TASS is the information partner of the event.

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