Venezuelan President Hugo Chavez reopened the country's biggest iron ore mine on Friday in a nationally-broadcast ceremony in Bolivar state, 850 kilometres (528 miles) southeast of Caracas.
China will contribute $70 million toward the cost of reactivating the Cerro Bolivar mine, which is to be operated with technical advice and cooperation from Swiss-based Commodities and Minerals Enterprise Ltd.
The mine is expected to be producing at a rate of 3 million tons of iron ore per annum by the end of 2010. The whole of the output will be exported to Chinese steel mills.
After inaugurating the reopened mine, President Chavez oversaw the signing of an agreement to pay a $120 million advance to the Brazilian firm, Andrade Gutierrez, for the construction of a new steel mill in Ciudad Piar that is expected to open by late 2011.
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