Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Following Zijin Mining Group’s recent announcement of a $380 million investment to build a lithium carbonate plant in Argentina and of upcoming investments in gold and copper projects, over the weekend Chinese president Xi Jinping said his country and the South American nation are deepening their financial ties.
In detail, official communiqués from both countries report on a meeting between Xi and President Alberto Fernández in Beijing in which the former agreed to provide Argentina with more than $23.7 billion in financing, of which $14 billion were already approved for infrastructure projects and the remainder will be decided for the Belt and Road initiative.
Xi also told Fernández that both countries should implement existing hydropower and railway projects and deepen cooperation in trade, industry, infrastructure, nuclear energy, investment and anti-epidemic efforts.
The idea of promoting green and sustainable development projects, as well as in initiatives related to the digital economy, was also mentioned in the agreement signed between Beijing and Buenos Aires.
Argentina sits within South America’s “lithium triangle” along with Chile and Bolivia. It is the world’s fourth-largest producer of the battery metal and the ninth-largest producer of silver. It also hosts uranium reserves estimated at 30,000 tonnes of proven resources.
(With files from Bloomberg)
2 Comments
Michel Eisenfeld
Como siempre argentina vendiendose a mejor postulante
Carlos
Mmm mejor postulante? Eeuu y Europa siempre toman lo mejor y huyen. Prestan dinero a un presidente argentino corrupto como macri y lo hacen firmar un préstamo a pagar a 100 años…. Eso es lo que siempre buscan, preferible Rusia o China