Bolivian leader due here for resources cooperation

Bolivian President Evo Morales will visit South Korea at the end of the month for talks on resources development and economic cooperation, officials here said Monday. 

His planned visit raises hopes that Korea will gain an edge in a global race over the South American country’s vast deposits lithium, the key material for rechargeable batteries.

Korea, Japan, France and Brazil are competing to gain the right to develop Salar de Uyuni, the world’s largest salt flat in southern Bolivia, which is estimated to hold 5.4 million tons of lithium of deposits, equivalent to more than half of the world’s lithium reserves. 

Officials at the state-run Korea Resources Corp. and the Ministry of Knowledge Economy said the Bolivian leader will stay here for three days.

The company signed an agreement with Bolivia’s state bodies in August 2009 to develop and provide technology for lithium production.

During his visit, KORES will brief Morales on the progress in its technology development, the company said.

KORES president Kim Shin-jong is scheduled to visit Bolivia this week to prepare for Morales’ trip, sources said. 

The president’s itinerary does not include China and Japan, Korea’s main competitors in the market for small lithium ion batteries.

The three countries together control about 95 percent of the market.

Political factors are the largest obstacles for foreign concerns in advancing into the lucrative resources industry of the nation.

Bolivian President Evo Morales Reuters-Yonhap News