By Anthony Marcus, correspondent for Eurasia Business News, June 24, 2024. Article n°1056.

A potential coup attempt is underway in Bolivia as armored vehicles and military personnel forcefully entered the government palace in La Paz, raising serious concerns about the country’s democratic stability. President Luis Arce reported an “irregular” deployment of troops in the capital, urging citizens to respect and defend democracy. 

Bolivian President Luis Arce addressed the nation. He called the attempt to seize the government building in La Paz a coup d’état.

Tonight, units of the Bolivian army under the command of General Juan Jose Zúñig tried to enter the territory of the government palace in La Paz. Now they have surrounded the government building and blocked the central streets of La Paz, according to local media sharing photos.

“We are faced with a coup attempt. We will not allow such insubordination,” the president said, his words are quoted by the EFE agency. According to him, the Bolivian authorities will “resist coup attempts, attempts to harm our democracy.” Luis Arce swore in the new leadership of the armed forces.

At the same time, the Bolivian Foreign Ministry called on the international community to support the legitimate authorities of the country. The European Union has already condemned the coup attempt in Bolivia and expressed solidarity with the country’s government, the head of European diplomacy, Josep Borrell, wrote on social network X.

General Juan Jose Zúñiga demanded the “return of democracy” and the release of political prisoners, including ex-President Jeanine Áñez, Reuters reported. In March 2021, she was arrested on charges of a coup d’état.

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The day before, Juan Jose Zúñig was dismissed – but he refused to resign. Today he said that he intends to “return the homeland”, dissolve the current government and convene a new one. The army personnel were alerted and are preparing to resist the general’s forces.

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Bolivia has the world’s largest lithium deposits (24% of the world’s reserves), estimated at 23 million metric tons as of July 2023. Lithium is crucial for the production of lithium-ion batteries, which are essential components in electric vehicles and other electronic devices. The demand for lithium has been growing rapidly in recent years due to the global shift towards cleaner energy and transportation. The country aims to produce lithium batteries by 2025.

Bolivia has partnered with a Chinese consortium led by battery giant Contemporary Amperex Technology (CATL) to invest over $1 billion in developing its lithium deposits.

The government estimates that lithium sales could generate $5 billion by 2025.

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