Venezuela Is Producing Magnesite for Its Own Consumption (Import Substitution)

Venezuela is producing magnesite, the ore of magnesium, for the first time in decades, as it has become extremely difficult to import magnesium due to the unilateral coercive measures imposed on the country by the US and the European Union.

A ship left the Margarita port in the state of Nueva Esparta, loaded with 3000 tons of magnesium carbonate, or magnesite, which will be used in the industrial manufacturing sector of the country.

The vice president for the Substitution of Imports of the Venezuelan Corporation of Guayana (CVG), Francisco Marín, reported in a Ministry of National Production press release that the magnesite is destined for initial processing by a company supervised by the CVG, EPS Insubacovi, where megnesite will be transformed into magnesia, a premium quality refractory grade magnesite, used in various heavy industries.

“The main cost of steel production, for example, is because of this refractory material, necessary to line the furnaces of the industries of the Venezuelan Corporation of Guayana,” Marin said.

“This material is made with various types of natural materials or synthetic materials, with magnesite being the most costly,” he said. “It can reach a concentration of magnesium carbonate as high as 98%, as a final product obtained in the mine.”

Industrial autonomy
Marín highlighted that the production of magnesite in Nueva Esparta would guarantee a generous long-term industrial autonomy, ensuring the availability of the material at a low cost, taking into account that a ton of imported refractory-grade magnesite can range $8,000–9,000, without considering freight and taxes.

He explained that the CVG is producing magnesite “with the use of dolomite, coal, clay, kaolin and quartz, which will have a very favorable impact on the companies of Guayana.”

“With this historic milestone we continue to work for the good of our country and for national sovereignty,” he said. “At CVG, to produce is to win, and we are demonstrating it with concrete facts.”

Magnesite has not been transported from CVG for approximately 70 years and its production is unprecedented in the national industry, which demonstrates that the productive work promoted by the president of the CVG, Pedro Maldonado, is strengthening import substitution.

The president of CVG Naviorca, José Hernández, stated that this achievement represents one of the first steps on this path.

“We have been responsible and guarantors of the successful transportation of minerals and materials that support the substitution of imports, for the benefit of our sister companies,” said Hernández.

These actions are strengthening the industrial sector for the economic well-being of the nation.

(Últimas Noticias) by Amaryllis Palaces

Translation: Orinoco Tribune

OT/FV/SC/EF