Stock Photo - Silver mines in Potosí, city and the capital of the department of Potosí in Bolivia. It is one of the highest cities in the world by elevation at a nominal 4,090 metres. Potosí lies beneath the Cerro de Potosí -sometimes referred to as the Cerro Rico (´rich mountain´)- a mountain popularly conceived of as being ´made of´ silver ore, which has always dominated the city. The Cerro Rico is the reason for Potosí´s historical importance, since it was the major supply of silver for Spain during the period of the New World Spanish Empire. Bolivia.