Bolivia managed to reach a record export of minerals in 2011 earning $3.3 billion from the sector. Minister of Mining and Metallurgy, Jose Pimentel said that the high revenues were a result of rising prices of minerals.
Jose Pimentel was speaking at an accountability hearing when he gave these figures. He added that the figures gave a significant increase as compared to the previous two years export figures for the mining sector.
The mining sector had managed to regain the position as the engine of the Bolivian economy, he added. Out of the $3.3 billion that the government earned from the mining exports 164 million were in mining royalties and 272 million were earned as taxes.
The revenue from mining exports had gone up 42% compared to figures of 2010 for Bolivia. The nation also produced 7 metric tons of gold in 2011 as per the figures released. The strong growth in the mining industry will definitely aid the nation’s economy.
Bolivia has the second largest natural gas reserves in South America and an estimated 5.4 million cubic tonnes of lithium, representing 50%–70% of world reserves.