Saturday, February 9th 2013 - 09:16 UTC

India signs ambitious mining agreement with Uruguay

India has shown great interest in mining iron ore, granite, gold and diamond in Uruguay and has entered into a deal for exploring and encouraging investment opportunities in the mining sector, according to Indian sources visiting Uruguay.

Steel Minister Verma with President Mujica

“There is a huge potential for mining of iron ore, granite, gold and diamond, which can be explored by Indian companies in Uruguay. I believe the two countries can collaborate to utilise each others strength in areas of mineral exploration” said Steel Minister Beni Prasad Verma, who met President of Uruguay Jose Mujica in Montevideo.

Verma is on a visit to Uruguay and discussed points to improve co-operation in the mining sector between the two countries, an official statement said late Thursday.

Verma also met Minister of Industry, Energy and Mining, Roberto Kreimerman and discussed various aspects of joint exploration and production of minerals in the country.

”During the visit a Letter of Intent (LoI) was signed by D R S Chaudhary, Secretary Steel, Government of India and Roberto Kreimerman, Minister, Industry, Energy and Mining, to explore and encourage investment opportunity in iron and steel sector and to facilitate exchange of technical know-how in iron ore and steel related raw materials,” the statement said.

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1 reality check (#) Feb 09th, 2013 - 09:36 am Report abuse
What? They give lip service to Argentina, commerce and trade to Uruguay. Speaks volumes. Know which I would prefer to have.
Congratulations Uruguay, may you have a long and mutually beneficial association with India.
2 Clyde15 (#) Feb 09th, 2013 - 10:36 am Report abuse
Argentina has a big boy moved in next door.
3 ChrisR (#) Feb 09th, 2013 - 10:42 am Report abuse
Good news.

Pity it was spoilt by Pepe losing his marbles and talking abject nonsense about inflation.

I bet that made the Indians think again.
4 redpoll (#) Feb 09th, 2013 - 12:31 pm Report abuse
Yes this is about the Aritiri project, a major open pit iron ore mine. While the existing gold mine (Orosur) in Rivera has brought positive benefits to the area and is conforming to strict environmental standards, this mine is on a much larger scale and there are many factors, particularly the shipping of ore to a new port terminal which I dont think have been fully appreciated
5 Frank (#) Feb 10th, 2013 - 02:52 am Report abuse
A new deep water port would have to be good.
6 redpoll (#) Feb 10th, 2013 - 10:54 pm Report abuse
yes they seem to be progressing on it but as always there a nimbys objecting. It will mean a major restructuring of themain transport links at presen north south to a new axis west east
7 JoseAngeldeMonterrey (#) Feb 11th, 2013 - 12:00 am Report abuse
What's going on with Latin America? why are China, India and everyone else in the world coming to get the oil, mining and crops? Why can't the region process their own natural resources and convert them into added-value products?
8 redpoll (#) Feb 11th, 2013 - 01:55 am Report abuse
JA I think its basically a lack of power supply. No way in my country could we produce enogh electricitynto run for instance a niickel refinery or a steel mill
9 ChrisR (#) Feb 11th, 2013 - 02:41 pm Report abuse
8 redpoll

Agreed, which is why I think the 500 electric buses that Pepe agreed with the Chinese TGW 'The Argentine Businessman close to the government' who has said he will do it, has run into a brick wall (pardon the pun).

That or they have got an engineer in to see if this pie-in-the-sky idea would work and they have belatedly realised there are major infrastuture problems.
10 redpoll (#) Feb 11th, 2013 - 03:55 pm Report abuse
Chris ,
We used to have electric traction here. Trams wer abandoned in the 50s but you can still see vestiges of thier old lines in various parts of Montevideo, which just goes to show how long it has been since some of those streets have resurfaced. These were later replaced by trolley buses (AMDET) before the whole system was junked
I think electric tractionis feasable. I twould certainly save a lot on expensive diesel fuel
A modern fast tram service from Tres Cruces to the airport is perfectly feasable using the central reservation on Avenida Italia
Its been talked about for years but nobody has done anything at all
If Melbourne, Manchester and many more can do it why not Montevideo?
As for a second inner city circuit Sydney has one which is overhead but works well
As for the railway system it is being held to ransom (and increasing decadence) by 1024 old buffers of the Union Ferroviaria and other political allies
In the railway yard up here one notes that whereas even two years ago there were five or six goods trains a week, this has been reduced to two because of unreliable service to the few customers who use rail
The new director of AFE seems to be quite a live wire but one can sense his frustration with his implicit threats to resign
11 ynsere (#) Feb 13th, 2013 - 02:01 am Report abuse
I'm pretty sure Melbourne, Manchester and Sydney were able to afford modern rail transportation because they have far far fewer city employees to keep happy.
12 ChrisR (#) Feb 13th, 2013 - 10:36 am Report abuse
11 ynsere

Absolutely, and the number has grown massively under Pepe.

I know the Manchester system and it is pretty good and used by thousands to get into work every day without many (or indeed any) difficulties as far as I could see.

The other thing that Manchester has which Uruguayo users in general do not have is access to block purchsed electricity which is much cheaper than the UK norm, which again is much cheaper than Uruguay.

UTE needs a complete makeover in the management from the directors down and ring fencing from government meddling.

Without this things will never improve: so I suppose we are all stuffed then.

BTW redpoll, diesel is only the price it is because of the padding within ANCAP and the tax take by the government, it could be much cheaper if ANCAP were better run.
13 ynsere (#) Feb 13th, 2013 - 01:55 pm Report abuse
During President Lacalle's administration, he tried to get rid of ANCAP. There was a plebiscite in which the motion lost, i.e. the majority of Uruguayans decided to keep ANCAP, and its privileged employees. At the time Lacalle stated that fuel in general would be at least 30% cheaper without ANCAP, but I suppose he wasn't believed.
Until not long ago, diesel fuel was significantly cheaper than petrol. Originally the idea was that agricultural machinery, lorries, buses and taxicab fleets should be benefited. The problem was that passenger saloons were imported massively.
We all remember a time when on a trip from Montevideo to Punta del Este the outlay for road toll was greater than the cost of fuel in the case of a diesel car.
14 ChrisR (#) Feb 13th, 2013 - 04:34 pm Report abuse
13 ynsere

Yes, The Cunt Brown started lamping tax on diesel because of the emissions, not knowing that most diesel cars are better than most petrol cars except for particulate size.

I have to admit that I use my motorcycle more than my car which I mainly use for shopping, etc. so my road fuel bill is minimal, even though I never do less than 160Km on the bike and it only does 45 mpg (1,255cc 4 cyl engine).

I had heard about the ANCAP debacle but two of my friends who voted did not trust private enterprise to keep the prices down. Shades of Menem.
15 redpoll (#) Feb 13th, 2013 - 07:48 pm Report abuse
Melbourne never abandoned its old tram system and so didnt have to build a new one

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