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London-based Patagonia Gold (LON:PGD) (TSX:PAT), a South America-focused gold and silver producer, received the full and final permit from the Argentine authorities to develop its Lomada de Leiva gold and silver project.
Full production from the main heap leach is expected by the second quarter of 2013, with a forecast production of 14,000 ounces gold for the second half of the year. Target annual production from the Lomada project is scheduled at 21,000 ounces gold.
The Lomada heap leach is one of Patagonia’s three main projects. Its flagship is the Cap-Oeste project and the other one is the nearby COSE ( Cap-Oeste Southeast).
Lomada is located 40 km southeast of the town of Perito Moreno*, in a zone defined by the provincial legislative system as a “special interest mining area.”
Other companies with operations in sourthern Argentina, such as the world’s largest gold company, Barrick Gold (NYSE & TSX: ABX), have encounter opposition and delays for venturing in the area. The reason is a glacier protection law that protects Argentina’s remaining glaciers as well as “periglacial” areas where the ice has recently retreated but water remains below the surface.
First approved by the Argentine Congress in 2008, the glacier protection act was vetoed by President Cristina Fernandez a month later that year. However, in September of 2010, a new version of the act was ratified in the Argentine Senate in a 35 pro, 33 against vote.
Read more on the law that protects glaciers in Argentina >> >>
* An earlier version of this article incorrectly said the Lomada project was located 40 km southeast of the Perito Moreno glacier. That is the distance from the town of the same name.
7 Comments
alicadden
I notice that my original comment has been edited to remove my opinion about how inaccurate reporting such as the original article is damaging to the Argentine mining industry as it only adds to the misinformation widely distributed in Argentina (especially given it is from a mining news source). I am disappointed that this seems to have been censored.
MINING.com Editors
I am very sorry to hear this. Unless your comment contained insults, racist ramarks or such, it shouldn’t have been touched. As the author of this piece, I must say I agree with your opinion and offer my sincere apology for the honest and unintentional mistake.
Cecilia
PGSA
I believe you should also ammend the main title of the article due to its inaccuracy.
Over 800 kms of distance by road from the Lomada project to the Perito Moreno glacier is not “close” to my point of view.
Best regards
alicadden
You will find the project located 40km SE of the town of Perito Moreno and some 450km NNE of the famous glacier.
britbob
Argentina is a great place to set up a business, especially if you want to have it nationalised.
pg
Cecilia, this article is completely incorrect, the Perito Moreno Glacier is (as alicadden correctly pointed out) some 530km by road to the south of the project, it would be greatly appreciated if you take the time out to correct it.
MINING.com Editors
Thank you for bringing this inaccuracy to my attention. It has been fixed.
Regards,
Cecilia Jamasmie