Bolivia-president Sends Congress Bill To Restore Comibol's Powers

BOLIVIA

President sends congress bill to restore Comibol's powers - Bolivia

BNAmericas

24th April 2007

Bolivia's President Evo Morales has sent congress a draft bill defining the functions of state mining company Comibol, which will restore control of state mining to the entity, local press reported.

The project seeks to reestablish faculties that were taken away from Comibol in 1997 by the current mining code, which was enacted under a government policy to delegate production responsibilities to the private sector.

The bill proposes that Comibol resume its role in the production process through activities like exploration, concentration, smelting, refining, marketing minerals and metals, and administrating fiscal areas.

The government's objective with the measure is that mining generate profits for the country that can be reinvested in the local economy, said the report. Upon approval of the bill, Comibol will resume its authority to market minerals, which is currently open to private operators, the report said.

By Business News Americas staff reporters