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.
Argentina’s mining and energy production, which includes crude oil and natural gas output, services and metal extraction, rose 7.8% in May from a year ago and dipped 0.6% from the month before, the government’s INDEC statistics agency said on Tuesday.
The newly-launched index, a reflection of a push by the government to ramp up the energy and mining sectors to support the main economic engine of farming, saw production rise 10.7% in January through May from the same five months in 2022.
The country’s crude oil production rose 9% in the month on an annual basis, while natural gas dipped 0.8%. Oil and gas services climbed a sharp 24.4%. Metallic minerals meanwhile dropped 17.3% in the month from a year earlier.
(By Walter Bianchi and Carolina Pulice; Editing by David Gregorio)
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