Mexico’s proposed higher mining royalties could block nearly $7bn in investments
The Mexican government proposed raising mining royalties under the argument that metal prices have risen in recent years.
Minera Argenta, a subsidiary of Pan American Silver, has announced it will not carry out the silver and lead project “Navidad”, located between the communities of Gan Gan and Gastre in Chubut, Argentina.
The company will close its offices in the cities of Puerto Madryn and Trelew, and other companies will do the same, after the Chubut government rejected a draft bill permitting large-scale mining projects.
The government’s decision was influenced by strong opposition from Chubut residents.
The “Navidad” project was expected to exploit 632 million ounces of silver and around 3 billion pounds of lead, making it one of the largest mining projects in the world.
Source: Primera Fuente is a local news provider based in Tucuman, Argentina, that distributes national and international news.
Source (Spanish): Primera Fuente via BrightWire News.
