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12/19/16

Argentina mining: The false dawn

First affected will be Pan American (PAAS) (PAA.to), but it won't stop there. This from IKN396, out last night:

Argentina: Das Neves spells it out in Chubut
We’ve followed the declarations of Chubut governor Mario Das Neves on mining quite closely on these pages, as the province is one of the clear testing grounds of Argentina’s supposed new attitude towards mining and home to the big Navidad project owned by Pan American Silver (PAA.to) (PAAS). The national Macri government has aggressively promoted mining in the region, with its known anti-mining governor Das Neves being guarded up to this point in his responses. But not any more. While visiting the nation’s capital Buenos Aires on December 13th  last week, Das Neves took the gloves off and spelled it out for all to hear (9) while participating in a press conference on the opposition tax reforms that were passed by the lower house and are about to the debated by the Senate of governors (of which he is one). He said (translated), “In Chubut there isn’t going to be any mining investment because we are going to defend the environment and the quality of life of our people”. And to make sure the message got through, on the 14th on his return to Chubut Das Neves said (10) (translated), “In this province we are not going to allow mining company investments because we want our people to live well and to care for the resources of Chubut”.

If we consider these statements in the light of the proposed Federal Mining Agreement (see IKN394 and IKN395) which needs people such as Das Neves to sign on and is already delayed, the inertia in mining reform is now palpable. The sooner the North realizes it’s been sold a false story about the imminent opening of the whole of Argentina to the mining industry, the better.