Market Watch reported that Korea Resources Corporation made a major copper find in Bolivia.

Mr Hector Cordoba president of Corporación Minera de Bolivia said that the mine will produce an estimated 30,000 metric tons of cathode copper per year over an 18 year useful life. The copper reserves are currently estimated at 500,000 tonnes.

According to Bolivia, development of the project will cost an estimated USD 200 million. New mining projects in Bolivia are required to be done in partnership with Comibol with the state taking 55% stake.

The copper announcement comes after Kores and Posco in July signed an initial agreement with Comibol to set up a joint venture to manufacture lithium batteries. Demand for lithium, a key ingredient in batteries, is expected to rise sharply in the future as countries expand their fleets of electric cars.

Companies from South Korea, France, Japan, China and Brazil are vying for deals to develop Bolivia's lithium, considered the world's largest confirmed reserves. However, Bolivia has made it clear that is wants to see manufacturing of the batteries there as part of any deal.

(Sourced from www.marketwatch.com)