Mining companies still reluctant to tap Argentina deposits – by Juliana Castilla (Reuters U.S. – May 23, 2018)

BUENOS AIRES (Reuters) – Despite Argentine President Mauricio Macri’s pro-business policies, international mining companies are still reluctant to invest in Argentina amid a lack of regulatory clarity.

More than two years into Macri’s term, the country’s dormant gold, silver, lithium and copper reserves — some discovered more than half a century ago — remain mostly untapped.

“Conditions in Argentina are not sufficient for a company to take on the risk of staying here 30 years,” Mining Secretary Daniel Meilan told Reuters in an interview.

When pro-business Macri took office in late 2015 after 12 years of leftist rule, mining companies celebrated what they hoped would be a turning point.

Mining investments plummeted when former president Cristina Fernandez, who governed Argentina from 2007-2015, imposed a 5 percent tax on mining exports and banned companies from sending profits to foreign headquarters.

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