Announcement of IFC to Invest 1.2 Million Dollars in Bolivian Silver Venture March 16, 1987

Monday, March 16, 1987 Bruce McWilliams Press Release No. 87/50 (202) 676-1950 IFC TO INVEST $1.2 MILLION IN BOLIVIAN SILVER VENTURE The International Finance Corporation (IFC) will invest $1.2 million in a project to recover silver from mine dumps near the old Cerro Rico de Potosi silver mines in Central Bolivia. The silver production plant, to be operated by Compania Minera Concepcion S.A. (COMCO), an affiliate of Compania Minera del Sur S.A. (COMSUR), will process dumps from earlier mining activities at the Cerro Rico de Potosi mines. The facility will use a low-cost heap leaching process to extract an anticipated 726,800 ounces of silver for export per year. The total investment required for the project will be $4.5 million, and the IFC share will be made up of a $800,000 senior loan and a $400,000 subordinated convertible loan. This will be the first Bolivian investment approved by IFC since 1978. IFC is the leading multilateral institution that assists the economic growth of developing countries by investing in their private sectors. - END -