Bolivia, Paraguay set to sign deal to develop new copper mines
NEW YORK – Ecuador has agreed to sign a deal to invest $6 billion in the construction of three new copper mining projects in Bolivia, Nicaragua and Paraguay.
Ecuador has committed to provide up to $2.3 billion in loans, loans and guarantees for the projects, which will be located in the Amazon Basin and Peru’s Andes mountains.
The projects will be built by mining giant Caspian Minerals and have been announced as part of a $3 billion deal signed last month by Ecuador, Paraguayan President Juan Manuel Santos and Nicaragua’s president, Daniel Ortega.
The agreements, which Ecuador signed with the countries, came as part a deal struck with the United States and Colombia in September to curb the drug trade in South America’s Central American nation.
In addition to Ecuador, Nicaragua, Bolivia and Paraguayan companies, a number of other Latin American countries also announced their investments in the new projects.
The deals will create over 1,400 jobs in Bolivia and will provide for the development of one of the world’s largest copper deposits in the Andes.
The projects will also create employment for over 2,500 people in Bolivia’s Andean region, and provide the country with $3.5 billion in economic growth, according to Ecuador’s Ministry of Foreign Affairs.