Bolivia's mining minister announced at a press conference that Bolivia's steel plant, the Mutun plant, which was first planned half a century ago, would start production this month.

The plant, located in eastern Bolivia near the Brazilian border, will be officially put into operation on February 24 and is expected to initially produce 200,000 tons of steel per year, mainly rebar and wire mesh. Its output is enough to meet half of the country's demand.

It is understood that the investment in the plant's construction is approximately US$546 million, mainly funded by the Export-Import Bank of China, and will be managed by China's Sinosteel Engineering and Technology in the first year.