Copper Frenzy Draws Mining Giants to Argentina After Milei’s Reforms – by Jonathan Gilbert and James Attwood (Bloomberg News – May 22, 2024)

(Bloomberg) — Global mining heavyweights including Lundin Mining Corp., Glencore Plc and First Quantum Minerals Ltd. are piling into Argentina as a new government intent on luring foreign investment propels the companies closer than ever to opening up vast copper deposits in the red-hued Andes.

It’s part of a colossal wave of spending needed worldwide to prevent a supply crunch for the metal, a critical component of the electrification push to slow climate change.

Argentina stands to get a good share of that money if President Javier Milei can convince companies based in Toronto, Melbourne and London that their projects are safe from the country’s notoriously volatile politics and rules for doing business — and if those companies can convince Argentines that the economic benefits outweigh the environmental risks.

As it stands, Argentina produces next to no copper despite sharing geology with its neighbor Chile, the world’s top exporter.

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