MercoPress. South Atlantic News Agency
Promising report on Argentine mining sector and contribution to the economy
The Argentine mining sector is expected to invest 3.85 billion dollars this year, including 800 million as imports' substitutes, announced Planning minister Julio de Vido, who also revealed that in the last ten years the sector has invested over 11bn dollars and generates an activity equivalent to 3.2% of GDP. Read full article
Comments
Disclaimer & comment rulesCredit where credit's due. The Argentines are good at digging themselves into holes.
Mar 13th, 2014 - 11:49 am - Link - Report abuse 0All that money. WHY DON'T THEY PAY THEIR DEBTS?
Mar 13th, 2014 - 12:50 pm - Link - Report abuse 0Agreed.
Mar 13th, 2014 - 01:39 pm - Link - Report abuse 0The mining industry is taking a hit because of the corruption. It's expensive to import the equipment, and some of these companies have to invest up to $250,000 USD a month for bribes to get their shipments through per mining site. That's disgusting.
Mar 13th, 2014 - 02:23 pm - Link - Report abuse 0If the Ks are good at anything it's ruining any hope of having a functioning economy. Their greed knows no bounds.
“Mining production has become Argentina's third most important export item behind grains and oilseed and food produce, with 23.68bn dollars in ten years”, pointed out De Vido.”
Mar 13th, 2014 - 04:12 pm - Link - Report abuse 0and they do not have to pay 35% retention like the soybean producers / exporters.
now why mining production has those benefits, only the govt knows, but many can imagine.
”Argentina is the world's second producer of lithium and the third world exporter of potash“
true. let´s hope the next government can manage all this in a better way.
@2
Mar 13th, 2014 - 04:52 pm - Link - Report abuse 0Because we reneged on the debts, we ain't paying to rich countries that money. You bail the bondholders of your countries out, you have enough money to do so.
6. The Barack Obama administration will not support Argentina in its long-standing dispute with vulture funds suing the South American country over its defaulted bonds more than a decade ago, US State Secretary John Kerry has warned. Still, the American official praised what he considered some “positive steps” by the Kirchnerite government.
Mar 13th, 2014 - 06:49 pm - Link - Report abuse 0During a brief to the US Congress, Kerry said that Washington “urged Argentina to pay its public and private debtors”. “No, the answer is no. We are not going to”, the state secretary affirmed when we was asked whether Obama’s government would “side with Argentina in the court.
You'll pay, total debt, accrued interest and penalties.
BTW thank you for buying lots of USA attorneys new beach houses and mercedes.
Yes and in the last 11 years there has been about US$250b invested in Chile in mining projects and US$120b invested in Peru. US$11b in Argentina reflects the international communities trust of the business environment and the current government. Its all about trust really. Why invest in a country where you cant get a return on your investment or your investment could be taken away?
Mar 14th, 2014 - 12:43 am - Link - Report abuse 0That is called donating and not investing.
US$11 billion!
Mar 14th, 2014 - 07:06 am - Link - Report abuse 0Is that all!
Bahahahahahaha
Years ago I was told by a very well respected investor of mining projects that Argentina's copper mining potential was actually higher than Chile.
Mar 14th, 2014 - 02:04 pm - Link - Report abuse 0Chicureo I have heard the same. I know there are about 15 very large silver projects in the south of Argentina that are being sat on because if they were developed then they would make lots of money and the government would only take the US$ or the silver or both. Like I said most mining companies are not good a donating their money. I work in mining projects and when I first came here to South America I worked on a project in Peru in 98, that job added 3% of GDP and since then mining in Peru has gone from 5% to 33% of GDP. Argentina is still stuck at 3%.
Mar 14th, 2014 - 04:16 pm - Link - Report abuse 0Its all so tragic.
Resource tax,inability to export profits,none of this in the 30year mining plan and promises which induced foreign investment, will Argentina never learn!! the employment and tax take could be 10 times as big.
Mar 17th, 2014 - 09:34 am - Link - Report abuse 0When Vale bailed out, (from Brazil right next door and in Mercosur) you knew Argentinian mining was the riskiest investment,everybody is waiting for a change of Government.
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