Bolivia develops lithium industry to meet global demand

[Judi Lynn]

Monday, April 25, 2011 6:05 PMN
Bolivia develops lithium industry to meet global demand

LA PAZ: Bolivia plans to develop the lithium industry to meet high international demand for the metal used to produce batteries for electric vehicles. The government is promoting a plan at the Uyuni salt flat, in the Andean province of Potosi, home to the world's largest lithium reserve, sources said.

President Evo Morales announced recently plans for a legislation creating a US$2 billion fund of national nett hard currency reserves for large-scale industrialisation projects. However, the law would first be subject to a referendum, he said.

The purpose of the fund is to give a boost to production mainly through state-run firms, he said. Morales added that it was essential to consult the people on allocating funds for such activities.

According to official data, the national monetary policy has made it possible to accumulate US$10.6 billion in hard currency reserves, or US$8.7 billion more than what the country held before Morales took office in 2006.

More:
http://star-motoring.com/News/2011/Boliva-develops-lithium-industry-to-meet-global-de.aspx

[Peace Patriot]

1. I wonder what's going on with the Japanese involvement in Bolivia's lithium development.

Last I read, Bolivia had negotiated a sweet deal with the Japanese, whereby the Japanese government was going to fund the initial R&D for the lithium merely to better position Japanese corporations to bid for the contracts, with no promises that they would get the contracts.

The horrendous on-going disaster in Japan may have affected that agreement. Could this by why Morales is proposing to put up Bolivian government R&D funds?

I hurt for our own country when I read of Latin America's leftist leaders putting important issues like this to a vote of the people. We, the people of the U.S., have no say on anything any more--let alone in how our government uses vast amounts of our money.