mineral areas in its Andean region and non-metalliferous mineral deposits
elsewhere within its territory. Since the development of investor friendly
mining laws in 1993, Argentine mining exports have grown from US$70
miillion in the early '70s to over US$4,500 million in 2010.
Four major projects have been responsible for the majority of growth:
· Bajo de la Alumbrera (copper and gold) owned by Minera Alumbrera S.A.
(Xstrata Pty Ltd- Northern Orion).
· Salar del Hombre Muerto – Fenix Project (lithium) owned by Minera del
Altiplano SA (FMC Lithium Co.).
· Cerro Vanguardia (gold and silver) owned by Anglo Gold Ashanti.
· Veladero (gold-silver) owned by Barrick
There are a number of new projects and junior mining companies operating
in Argentina. The following mine developments took place in the last three
years Minera Santa Cruz (gold/silver), owned by Hothchild Group from
Peru whom completed their underground mine construction in the Province
of Santa Cruz, and Manantial Espejo (silver) owned by Pan American Silver
Pascua-Lama – a bi-national Chilean-Argentine project owned by Barrick
Mining Co. The company is planning to invest over US$3.3 billion to
develop the project in the San Juan province crossing over the Chilean
Andean region. The project has received the approval from both Chilean
and Argentine governments, and will be the largest gold mine in South
America. The project is under construction.
Potasio Rio Colorado, a potassium project owned by Vale (Brazil) Mendoza was
acquired from Rio Tinto in 2009 in US$700 million. Vale will require investment of
US$1 billion to develop this resource located in the south of Mendoza."
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