Bolivia created a state company to mine and market gold

Published at: 15/03/2024 02:19 PM

The Government of Bolivia created the State Company for the Production and Marketing of Gold (EPCORO), within the framework of Luis Arce's management policy aimed at promoting the “industrialization of natural resources and the strengthening of international reserves”.

In Supreme Decree 5134, published in the Official Gazette of the Plurinational State, President Arce authorized the contribution of capital with resources from the General Treasury of the Nation (TGN). Its capital for the commercialization of gold is 102,900,000 Bolivianos (about 15 million dollars) and its disbursements “will be subject to the availability of the TGN”.

Although EPCORO was founded as a subsidiary of the Bolivian Mining Corporation, it has its own assets and an indefinite duration, as well as technical, financial, administrative, legal and commercial management autonomy.

The company's board will consist of a representative from the Ministry of Mining and Metallurgy, three from the Ministry of Economy and Public Finance and one from the Ministry of Development Planning, in order to ensure comprehensive and coordinated management.

In its 2021-2025 strategic plan, the Bolivian Ministry of Mining and Metallurgy classifies gold, as well as zinc, silver and tin as the minerals with the highest production value.

Bolivia, which has significant gold reserves, has experienced remarkable growth in its gold production in recent years. In 2022, it registered gold exports of more than 3,003 million dollars, according to data from the state's National Institute of Statistics (INE).

In order to maximize the profit from the exploitation of this metal, the State seeks to intervene directly in its commercialization. In 2023, the Central Bank of Bolivia announced plans to buy gold in the domestic market, as part of its efforts to strengthen Net International Reserves.

According to data from the World Gold Council, Bolivia ranks sixth in the Americas in reserves of this mineral, with 34.79 metric tons. The United States, Venezuela and Brazil lead the list in this continent.

Mazo News Team