BNamericas quoted Mr Pedro Rondón board member of Sidor as saying that Venezuelan Sidor should not allocate resources for possible joint mining activities at Bolivia's El Mutún iron ore deposit.

He said that "I don't agree that the company should invest in exploration or mining at the Bolivian iron ore deposit." He added that Venezuela is home to large iron ore deposits that can be mined for the benefit of all.

Mr Rondón made the statement after board members from the Venezuelan steelmaker visited Bolivia to review bi national projects.

In October 2007, Mr Iván Hernández deputy minister of Venezuela's basic industries and mining ministry said that his office had signed a letter of intent with the Bolivian government to look at forming a mining-steelmaking JV to develop 50% of El Mutún.

It is be reported that the Bolivian government, through state steel company Esem, signed a contract with India's Jindal Steel & Power to develop the other half of El Mutún with an investment of USD 2.1 billion planned over 8 years.

(Sourced from bnamericas.com)