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Argentina seen getting $20 bln in mining investment by 2021

Published 2016-05-10, 06:00 p/m
© Reuters. Argentina seen getting $20 bln in mining investment by 2021
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BUENOS AIRES, May 10 (Reuters) - Argentina's mining sector
is set to receive $20 billion in new investments over the next
five years, as the new center-right government creates a more
business-friendly environment, the head of the local mining
chamber said on Tuesday.
Since taking office late last year, free-markets proponent
President Mauricio Macri has ditched trade and currency
controls, including a 5 percent tax on mining exports, applied
by his leftist predecessor, Cristina Fernandez.
The forecast came from a detailed study of the country's
mining potential, stemming from improvements in productivity
generated by the tax changes, said Marcelo Alvarez, president of
the CAEM mining industry chamber.
Some companies have already announced their interest in
investing.
Most of the investment, some $14.6 billion, will be carried
out between 2018 and 2020 to develop projects controlled by
Glencore GLEN.L , First Quantum FM.TO , Yamana Gold YRI.TO ,
McEwen Mining MAQ.TO and Pan American Silver PAA.TO , among
others, according to CAEM.
Argentina's mining exports are seen reaching $25 billion
through 2021, said Alvarez.

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