MercoPress. South Atlantic News Agency

• 

  EnginnerAbroad

  Bad news for Argntine foreign investment. Mining compnaies bring huge investment and provide thousands of direct and indirect jobs which would of been very welcome in poor regions such as La Rioja which has no other viable industries. This news will only cause mining companies to cut back investment. After all there was already an agreement in palce with the provincial government which has now been suspended.
  
  Luckily the problem is small, i.e. that the galciers needs to be identified and protected (similar to what has already stipulated in the mining concession agrremtn for Pasca-Lama. Once this is done we will hopefully see some much needed investment in La Rioja province and the clean up of historical illegal mining in the area which has left a huge polution leagacy (the mine is located near a river called the Yello River, Il let you guess why it is called that.)

  Jul 19th, 2012 - 12:42 pm - Link - Report abuse 0
  -+

• 

  JohnN

  “At this point in time Famatina is an exploration project only; there is no current plan, design or intent for any mining operations...development of a mine is still highly hypothetical”
  - Osisko Mining Corporation press release, 30 January 2012
  http://www.osisko.com/en/press/2012/01/30/665/osisko-updates-status-of-famatina-exploration-project.html

  Jul 19th, 2012 - 01:10 pm - Link - Report abuse 0
  -+

• 

  EnginnerAbroad

  @2
  
  Agreed, however this makes it even more dangerous for the officals to be taking a harder line. the less money Osisko have invested the more likely they would be to pull the plug on the operation and walk away.

  Jul 19th, 2012 - 01:24 pm - Link - Report abuse 0
  -+

• 

  jerry

  It sounds like a common operation in Argentina. Feed the local uneducated population a bunch of scary lies, get them to protest, get the company to pay the correct amount of bribe, then tell the uneducated that all is well.

  Jul 19th, 2012 - 10:50 pm - Link - Report abuse 0
  -+

• 

  British_Kirchnerist

  #1 “Bad news for Argntine foreign investment”
  
  But good news for the rule of law, which in othercontexts you guys are always saying helps investment =)
  
  “the mine is located near a river called the Yello River, Il let you guess why it is called that”
  
  Chinese style growth rates? =)
  
  #4 What nonsense. As if local people wouldn't have their own concerns?

  Jul 21st, 2012 - 09:02 pm - Link - Report abuse 0
  -+

• 

  JohnN

  Osisko appears to object to having its exploration project characterized by opponents as megamineria, but the obvious question is if a successful exploration stage could lead to megamineria?
  
  Or just how is megamineria defined, say as opposite to micromineria?
  
  From Perú, the experience of artisanal mining - micromineria - is known as having very poor safety and environmental impacts compared to the large, corporative mines, but the artisanals tend to work with the Andean village social consensus - maybe one family works one tiny mining effort. If all the male members of the family die in a mining accident, or if the mine drains acidic waste down a hillside, the impact is mostly outside of media completely - nobody knows except the family and the few villagers downslope from the tiny mine.
  
  If the Osisko project, as well as the broader rejection of mining initiatives in Bolivia and Perú reflect a trend towards wholesale rejection of both underground and open cast/open pit mining, the governments will be unhappy that they don't get so much revenues to buy more Russian weapons. And if the local community prefers a hard life cultivating potatoes, thats their choice.
  
  It just increases the value of mining in places where it is wanted - and those places appear to include some in Argentina, Chile and elsewhere. As well as in Canada...
  
  Reference:
  
  Argentine glaciers scupper Osisko’s Famatina project:
  http://www.mining.com/2012/07/19/argentina-suspends-osiskos-famatina-project-the-same-one-where-barrick-came-unstuck/

  Jul 22nd, 2012 - 12:29 am - Link - Report abuse 0
  -+

Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!