Cerro Bolívar is a mountain in the state of Bolívar

Bolívar (state)

Bolívar State , is one of the 23 states into which Venezuela is divided. The state capital city is Ciudad Bolívar. Bolívar State covers a total surface area of 238,000 km² and in June 30, 2010 had an estimated population of 1,620,359....

, Venezuela

Venezuela

Venezuela , officially called the Bolivarian Republic of Venezuela , is a tropical country on the northern coast of South America. It borders Colombia to the west, Guyana to the east, and Brazil to the south...

, about 600 metres high. It has been described as "the richest concentration of iron ore on the face of the earth." More than half the mountain is thought to consist of top-grade iron ore – anything up to half a billion tons.

Cerro Bolivar has been mined since the 1950s. In 1975, the mining operation was nationalized

Nationalization

Nationalisation, also spelled nationalization, is the process of taking an industry or assets into government ownership by a national government or state. Nationalization usually refers to private assets, but may also mean assets owned by lower levels of government, such as municipalities, being...

 by the government of president Carlos Andrés Pérez

Carlos Andrés Pérez

Carlos Andrés Pérez Rodríguez , also known as CAP and often referred to as El Gocho , was a Venezuelan politician, President of Venezuela from 1974 to 1979 and again from 1989 to 1993. His first presidency was known as the Saudi Venezuela due to its economic and social prosperity thanks to...

. Mining stopped in 1997, but resumed again in 2009 when the Swiss

Switzerland

Switzerland name of one of the Swiss cantons. ; ; ; or ), in its full name the Swiss Confederation , is a federal republic consisting of 26 cantons, with Bern as the seat of the federal authorities. The country is situated in Western Europe,Or Central Europe depending on the definition....

 company Commodities and Minerals Ltd took over operations on invitation by president Hugo Chávez

Hugo Chávez

Hugo Rafael Chávez Frías is the 56th and current President of Venezuela, having held that position since 1999. He was formerly the leader of the Fifth Republic Movement political party from its foundation in 1997 until 2007, when he became the leader of the United Socialist Party of Venezuela...

.