According to the institutional mission, the Bolivian Mining Corporation is a self-sufficient mining institution. It is responsible for managing the mining supply chain; achieving higher production levels, enhancing and promoting diversification of mining and metallurgical activities that contribute to an economic growth, with social and environmental responsibility, proving reliability, sustainability and competitiveness.
According to the 3720 Law of July 31, 2007, COMIBOL’s main function is to take part directly in the production chain, dedicated to the prospecting, exploration, exploitation, concentration, smelting, refining, marketing of minerals and metals as well as administrating financial matters.
History of COMIBOL
COMIBOL was created by Supreme Decree 3196 of October 2, 1952. After the nationalization of the mining centers that belonged to Patiño, Hoschild, Aramayo and others, COMIBOL was entrusted to manage and operate these mining sites.
In 1985, the historical and economic circumstances of the time caused the shutdown of almost all the mining centers, resulting in the largest unemployment crisis in which thousands of workers lost their jobs.
Currently, COMIBOL operates under a framework of natural resources recovery and mining reactivation policies, established by the Government and consolidated through the Supreme Decree 28901 of October 31, 2006. This decree outlines that COMIBOL assumes full control of the Posokoni Hill as well as the administration and direct management of the nationalized mining center ore deposits. Later, after the adoption of the 3720 Law of July 31, 2007, COMIBOL regains its role in the entire production chain.