Zurich’s U.S.-based unit will provide political risk insurance for construction and operation of a modern silver and tin mining operation in Bolivia. The Overseas Private Investment Corporation (OPIC) is co-insuring the project with political risk coverage. Zurich’s political risk unit specializes in offering insurance solutions for emerging market risks.
“The insurance will be provided to Coeur d’Alene Mines Corporation of Idaho, the largest primary silver producer in North America,” said the announcement. “Coeur will process the silver ore near the historic mining city of Potosi in Bolivia, then ship silver bars to dealers in the United States and worldwide for refining and sale. The project will also establish a foundation, called Fundespo, to assist in the development of the silversmith, industrial and tourism industries in Potosi.”
“Co-insuring with OPIC enabled both organizations to respond to the needs of Coeur D’Alene Mines and assist one of the least developed economies in Latin America,” noted Daniel Riordan, Executive VP and Managing Director of Zurich’s emerging markets unit. “This project will contribute to Bolivia’s long-term economic goals, create new jobs and generate income both locally and nationally.”
Zurich’s emerging markets unit is headquartered in Washington, D.C. with offices in London, Barcelona, Hong Kong and Tokyo. It provides political risk and trade credit insurance to multinational corporations, investors, infrastructure developers, exporters and international financial institutions, providing coverage for customers in 102 countries.
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