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Brazil-based miner Vale (BOV:VALE5) may have a new investor to partner with on the Rio Colorado potash project in Mendoza, Argentina, reports Spanish-language news daily La Nueva Provincia.
Francisco Perez, the provincial governor of Mendoza, along with representatives from Vale and the potential investor, which has not yet been named, will meet in Buenos Aires next week to discuss a deal.
Perez has denied rumours that the interested party is from China.
Investments for the project were initially estimated at $6 billion but later ballooned to $10 billion mainly as a result of the country’s high inflation rate.
The Rio Colorado potash mining project is the largest in the country. The company suspended construction work recently due to financial problems. More than 5,000 workers have been laid off.
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