Mining News - July 2023

Legislative News

 

Resolution No. 101,   Chamber of Deputies of the Province of Santa Cruz, published in the Official Gazette of Santa Cruz on July 4, 2023

This Resolution approves  the presentation of an Environmental Monitoring App to control the activities of mining companies in the province.

Decree No. 341/2023, published in the Official Gazette on July 7, 2023

This Decree establishes that importers acquiring goods in the La Plata Free Trade Zone –free of import duties and internal taxes– must file before the Customs Office an Import Certificate issued by the Secretariat of Commerce.

Resolution No. 90/2023 of the Secretariat of Mining, published in the Official Gazette on July 13, 2023

This Resolution establishes that the Secretariat of Mining will update the value of the annual fee through a resolution issued every December. Also, the Directorate of Federal Mining Affairs will prepare a technical report establishing the value at which the fee must be updated, according to the interannual variation of the INDEC Consumer Price Index.

Resolution No. 31/2023 of the Ministry of Economy and Energy of the Province of Mendoza, published in the Official Gazette of Mendoza on July 14, 2023

This Resolution regulates the procedure the Environmental Impact Report of Law No. 8434 must follow once it has been filed before the Mining Notary Office for exploration, extraction, selection, crushing, and milling projects of third -category minerals.

 

Mining in the Media

 

“Canadian Mining Company Announced Major Copper, Gold, and Silver Discovery in San Juan”, news published in Mining Press on July 05, 2023

NGEx Minerals (a Canadian-based company) published results from the last seven diamond drill holes done this season at the Potro Cliffs project in San Juan, Argentina. The reports confirmed a significant new high-grade copper, gold, and silver discovery called Lunahuasi.

“Investments in Mining Exploration Exceeded USD 370 Million”, news published in Telám on July 06, 2023

Mining exploration registered investments for over USD 370 million in 2022, and reached the highest in 10 years, while exploration budgets in the country grew 68% year-on-year last year, according to data published by the Mining Secretariat.

“Lithium: Posco Doubles Investment and Reaches USD 1.6 Billion to Produce in Catamarca and Salta”, news published in Panorama Minero on July 13, 2023

Construction of the second phase of the Sal de Oro lithium project began, carried out by the South Korean company Posco. This stage, under development in the bi-provincial cooperation area between Salta and Catamarca, focuses on the production of lithium carbonate and has a total investment of USD 1,600 million.

“Lithium: Construction of a Project in Salta Advances with Investment of USD 1 Billion”, news published in Ámbito on July 14, 2023

Construction works in the Centenario Ratones deposit –which is in the Province of Salta, owned by the mining company Eramine Sudamérica SA, and operated by the French mining and metallurgical group Eramet– are underway, and production is expected to start in April 2024. These works involve an overall investment of USD 1,000 million and aim to reach a total annual production capacity of approximately 75,000 tons of lithium carbonate.

“Salta Leads the Global Ranking in Lithium Exploration”, news published in Radio Salta on July 16, 2023

According to a report published by the Argentine Secretariat of Mining, 107 million tons of lithium were discovered in Argentina between resources and reserves, in 22 active projects. The Puna Salta region has the largest portion of the deposits/projects mentioned in the report.

“EU Signs Agreement with Argentina to Obtain Lithium and Copper in Exchange for Promoting Renewable Energies”, news published in La Nación on July 17, 2023

The European Union and Argentina have signed an agreement to obtain critical raw materials such as lithium and copper and, in return, promote the development of green energies in several regions of Argentina, such as the use of hydrogen and its derivatives in industrial processes, transportation, and energy storage. This agreement is part of the European Union's Global Getaway program, which amounts to an investment of 45 billion EUR in energy and climate initiatives.

“Lithium: Production Will Increase 50% in 2023, With New Projects and Expansions”, news published in Ambito on July 18, 2023

Experts estimate that 2023 will end with a 50% increase in the production of lithium carbonate and its derivatives in terms of tons. The great leap could occur in 2024, when the production could triplicate that of 2022 and reach 120,000 tons per year.

“Plan to Extend Cerro Negro Mine Life Beyond 2030”, news published in Mendoza Post on July 24, 2023

Newmont, the company in charge of the exploitation of the Cerro Negro mine in Santa Cruz, released its results report for the second quarter of 2023. The company, one of the largest gold miners in the world, stated that between 350 and 450 million dollars are required to extend the useful life of the project.

“Lithium Mining Company Allkem Will Receive Up to USD 180 Million to Develop Plant in Argentina”, news published in La Nación on July 24, 2023

Australia-based lithium mining company Allkem will receive a loan of up to USD $180 million to support the development of a battery-grade lithium brine plant at the Sal de Vida site in Argentina. The loan will be provided by the International Finance Corporation (IFC), a member development institution of the World Bank.

“Glencore Takes Full Control of the Argentine Mining Project MARA”, news published in Infobae on July 31, 2023

The Swiss-based company Glencore announced the acquisition of the shares owned by the Canadian firm Pan American Silver in the Argentinean mining project MARA, formed by the integration of the Minera Alumbrera and Agua Rica, in the Province of Catamarca. The company will control 100% of this business. Glencore, which already owned 43.75% of the shares, bought the remaining 56.25% from the Canadian firm for 475 million USD.