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.