Argentina looks towards China to revive its mining sector

Representatives from Argentina’s mining sector conducted on Monday the first seminar for investment projects for Chinese businessmen, with an eye on attracting capital from the world’s second largest economy.

Representatives from Argentina’s mining sector conducted on Monday the first seminar for investment projects for Chinese businessmen, with an eye on attracting capital from the world’s second largest economy.

The Under-secretary of Mining Development, Mario Osvaldo Capello; Argentine ambassador to China, Diego Ramiro Guelar; and lawmaker Eduardo Cabello presented around 30 projects for possible investment.

Moreover, there are 300 exploration plans, many of them in the Andean heights (Salta, Mendoza, San Juan, Santa Cruz) for search and extraction of minerals such as gold, silver, copper and lithium.

The under-secretary revealed to around 50 Chinese firms, including mining giants such as Gezhouba and financial entities like ICBC bank, the new parameters for investment in the mining sector in Argentina.

These conditions range from a 30-year fiscal stability to a free transfer of profits, a single exchange system, elimination of export rights and free import of capital goods.

According to Ambassador Guelar, they are trying to launch a mining policy the country did not have because there were “no conditions for credibility.”

Under-secretary Capello stressed the new policy will make Argentina competitive, unlike earlier when mining investors preferred Peru and Chile.

While between 2007 and 2015, Peru and Chile received between $50 billion and $80 billion in mining investment, Argentina got only $10 billion, he rued.

Argentina is conducting similar seminars in the United States, Australia, Japan and South Korea.

EFE |

We use cookies to improve our website. By continuing to use this website, you are giving consent to cookies being used. More details…