The mining industry has been lagging behind Chile and Peru despite rich reserves
The Argentine authorities, industry leaders and unions are ready to sign a highly anticipated mining agreement that will merge existing legislations across the country in an effort to bring Argentina to the forefront of the industry.
The nation has been trying to revamp the mining industry after statistics showed that it fell far behind other South American nations such as Chile and Peru in the sector despite having rich reserves of copper, gold, silver and zinc.
According to Mining.com, “Under the previous President Cristina Fernandez, who increased the state’s role, Argentina received only $10 billion for the 2007-15 period. During the same years, Chile’s mining investments totaled $80bn and Peru’s $52bn.”
The reason other countries have fared better than Argentina is due to its laws on mining that are not only strict but also diverse varying from state to state.
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President Mauricio Macri has been working on ways to revive the dying trade since he came into power in 2015. He has already gotten rid of the 5% tax on mining and energy companies and “revoked a prohibition on foreign mining companies sending profits made in Argentina out of the country.”
His aim is to unify the country’s laws to attract foreign investors to Argentina to double the investment in the sector to 25bn within eight years.
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Image Credit: Casa Rosada (Argentina Presidency of the Nation)
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