The Executive branch in Bolivia is elaborating a supreme decree to encourage mineral exploration and investment in mining by reducing taxes for the import of equipment for mining because of the lack of prospecting and exploration projects in the sector. Some mines reserves are becoming depleted and the government needs to implement policies to encourage exploration, with the aim of increasing mineral production.

“We have to raise incentives with tax cuts to the equipment and machinery that are coming to execute prospecting and mineral exploration. Must be guaranteed investment, there must be certainty that allows mining operators to invest with the corresponding security”, said Vice Minister of Mining Policy, Eugenio Mendoza, discussing Mining Law Nº 535.

With the enactment of the Investment Promotion Act, the government believes “investment in mining and metallurgy and foreign private investment are guaranteed.

The Government reported in late June, according to the Deputy Minister of Mineral Policy, that only 10% of the country is being exploited by companies engaged in mining. He explained that cooperatives operate in 2,000 areas of work, private and public companies also 2,000 each.