start here

start here

The Daily IKN email digest, get all daily posts sent to you next day (& no ads)

I say things on Twitter

7/3/13

Osisko (OSK.to) stands down in Argentina

Yesterday Osisko Mining (OSK.to) made official the true real clear obvious-for-a-long-time situation at its Famatina project in La Rioja, Argentina. The company, the state and the associated governmental mining honchos signed a document that rescinded its contracted development activity obligations at Famatina until such time as the social situation around the project is calmer. Or in the words of a decree emitted by La Rioja (translated, "(T)he continuity and persistence of the confrontation events have to date made impossible the start or programmed activities, generating serious social and economic consequences to the province".

In other words, the anti-mine protesters have stopped things happening and now OSK is relieved of its development duties as stipulated in the contract, which at least allows the company to keep the concession without having the threat of non-compliance hanging over its head. OSK need not spend cash at the site but can keep the land on its books, which is face-saving but not much else because these protesters aren't simply going to fade away and forget about Famatina. Not now, not in six months, not in six years.

Bottom line, protesters win.

UPDATE: AP catches up with the story but can't be bothered to spell the place name correctly.