The Bolivian state mining holding company, Comibol, is close to finalising new joint venture agreements for several mines operated by Glencore International subsidiary Sinchi Wayra, including the Colquiri zinc-tin mine. “By May 17 or 18 we could be ready to sign the new contract with Glencore…. First we want to completely settle and close Glencore’s three contracts for the Colquiri, Bolívar and Porco mines and then we will address other contracts with other companies,” Comibol president Héctor Córdova told BNamericas.
Although a new mining code is being drafted that will establish the new relationship between mine operators and the state, in the meantime Comibol is negotiating new contracts with some of the companies, Córdova said. Under the contract, 55% of the profits that the company generates will go to the state and it will keep the other 45%, Córdova said. “Glencore will also have to invest US$100 million during the first five years and it will have to carry out exploration to continue replenishing the reserves over the life of the contract,” he said.
Negotiations between the two parties have continued intermittently over the last four years, with the objective of converting the existing Colquiri leasing contract into a joint venture. The Colquiri mine produced 2,200 tonnes of tin-in-concentrate in 2011 and has recently expanded output.
