Bolivia, a nation long synonymous with mineral riches, is undergoing a dramatic political and economic transformation that could reshape the future of its mining sector and open the door to a wave of foreign investment. Following years of regulatory stagnation and political uncertainty, the country’s new government, led by President Rodrigo Paz and Finance Minister José Gabriel Espinoza, has signaled a decisive shift toward market openness, foreign partnerships, and robust investment protection. This turnabout comes at a pivotal moment for Bolivia’s mining industry, which boasts both a storied past and untapped potential.
For centuries, Bolivia’s mineral wealth has loomed large on the world stage. The legendary Cerro Rico mountain, once the most productive silver mine globally, powered the Spanish empire’s fortunes. Today, the country remains a top silver producer and is home to some of the world’s largest lithium reserves. Yet, despite this mineral endowment, modern investment has often stalled, hampered by slow permitting, inconsistent regulation, and a sometimes-hostile business climate. Investors and mining companies have watched from the sidelines, wary of the risks but enticed by the rewards.
Now, as reported by MiningNewsWire and Streetwise Reports, the winds are shifting. President Paz’s ascent to power—following a run-off election on October 19 and his swearing-in on November 8, 2025—ended nearly two decades of socialist MAS party rule. The administration’s new centrist, pro-business stance has been welcomed by the mining industry, which views the government’s emphasis on legal security and pro-investment policies as a marked departure from previous barriers to business. "It's exciting times," said Tom Larsen, CEO of Eloro Resources Ltd., in an interview with Streetwise Reports. "I think this is very bullish for foreign investment into Bolivia."
The impact of these changes is already being felt in Bolivia’s mineral-rich tin belt, nestled in the Cordillera Oriental. This region, a metallogenetic province rich in tin, tungsten, silver, and base metals, has become the focus of renewed exploration and development. Eloro Resources Ltd., for example, recently reported promising results from the second phase of its diamond drilling program at the Iska Iska project’s silver-zinc-polymetallic domain in the Santa Barbara starter pit area. According to the company, holes DSB-91 and DSB-92 revealed long, higher-grade mineral intercepts extending 50 to 100 meters beyond the potential starter pit shell to the east, suggesting significant resource expansion potential.
"We are thrilled to share these results, which include long and higher-grade intercepts on the eastern and far-eastern boundary of the potential starter pit zone," Larsen said. "We eagerly await the additional results from the two pending holes. The polymetallic nature of the mineralization associated with these higher-grade results suggests a further extension of the known mineralization to the east, extending at least 50-100 meters beyond the potential starter pit shell. This will enable us to expand the infill and step-out drill program in 2026 to enhance the mineral resource estimate for the planned preliminary economic assessment."
The current drilling phase at Iska Iska concluded with 8,286.40 meters drilled across sixteen holes, with assay results pending for two holes totaling 939.5 meters. The mineral resource estimate (MRE) is expected by the end of the first quarter of 2026, and a preliminary economic assessment (PEA) is slated for the second quarter. The site’s estimated mineral inventory is impressive: 298 million ounces of silver, 4.09 million tonnes of zinc, 1.74 million tonnes of lead, and 130,000 tonnes of tin. As Red Cloud Securities analyst Ron Stewart noted, "Eloro has established Iska Iska as one of the largest undeveloped tin projects in the world within five years of acquiring the project."
These developments are part of a broader trend. Companies like New Pacific Metals Corp. are also poised to benefit from Bolivia’s new direction. The firm owns two of the world’s largest undeveloped open-pittable silver deposits in the country—the Silver Sand and Carangas projects—which together have the potential to produce nearly 19 million ounces of silver annually, depending on permitting and development decisions. The country remains underexplored, offering significant upside if the government delivers on its reform promises. However, permitting timelines remain a critical question for investors.
Industry experts are optimistic about the future. Eloro’s technical advisor Quinton Hennigh, who also serves as CEO of San Cristóbal Mining Inc., commented on the strong results from recent drilling. "Those kinds of grades, you know, 1.77% zinc and 0.57% lead, that's easily within the ranges of those metals that we see in our pit here (at San Cristóbal), so good on them. I think they're making good progress, and I hope to see this infill drilling completed in the not-too-distant future so that they can put a resource around that starter pit," Hennigh told Streetwise Reports.
Bolivia’s mining costs are another major draw. According to Larsen, operating costs in the country are 15-20% cheaper than in neighboring Peru—a "huge advantage" for bulk mining operations. This cost edge, combined with the government’s pro-investment stance, could make Bolivia a magnet for global mining capital.
Tin, in particular, is attracting attention as a critical mineral with wide-ranging applications in electronics, solar panels, electric vehicles, and battery storage. The International Tin Association highlights tin’s "incredibly adaptable" nature, noting its essential role in modern technology, from wiring in homes to PVC piping and renewable energy systems. Demand for tin is expected to rise steadily, with the market projected to grow from an estimated 429.24 kilotons in 2025 to 487.78 kilotons by 2030, according to Mordor Intelligence. Meanwhile, global mine supply has decreased for two consecutive years, and the U.S. has not mined tin since 1993.
Analysts also point to the potential for higher silver grades at Iska Iska, with Haywood Capital Markets’ Pierre Vaillancourt maintaining a Buy rating on Eloro’s stock and projecting a 107% return based on recent drilling results. Eloro plans to start ramp construction into the Santa Barbara pit by February 2026, aiming to take a bulk sample by the end of the first half of the year and construct a 500 tonne-per-day pilot plant. While the company has about CA$11.5 million in cash—enough for resource and PEA work—it will need additional financing for the ramp and pilot plant construction.
Yet, for all the optimism, challenges remain. The ultimate success of Bolivia’s mining renaissance hinges on the government’s ability to implement consistent policies and streamline regulatory processes that have historically hindered development. The convergence of political change and mineral opportunity has set the stage for a potentially transformative era, but investors will be watching closely to see if the promised reforms translate into real-world results.
As Bolivia opens its doors to the world, the country’s mineral riches and new political will could reshape the landscape of South American mining for years to come.
