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3,700 | <s>[INST] Canada's Cambior has delayed development of the $900m [/INST] El Pachon copper project in San Juan province until international metals prices improve. </s> |
3,701 | <s>[INST] Exploration has taken a hit [/INST] with the departure of many of the mining "juniors",. </s> |
3,702 | <s>[INST] Investment in some of [/INST] the projects already under way is slowing. </s> |
3,703 | <s>[INST] Full text: * by Ken Warn Tarnished metals regain some of their shine Dispute over royalties is at the heart of [/INST] difficulties in the sector A simmering dispute over royalties, low international metals prices and a slowdown in exploration have taken much of the shine off Argentina's mining boom, which began after the government started revamping its mining laws in 1993. </s> |
3,704 | <s>[INST] However, the industry is still gaining momentum after decades of neglect, with [/INST] large projects, such as the $1.2bn Bajo de la Alumbrera opencast copper and gold mines in Catamarca province, coming on stream. </s> |
3,705 | <s>[INST] Alumbrera, which began production last October, will be the world's ninth-biggest [/INST] copper mine and 14th-biggest gold mine by 2000, according to owners MIM Holdings and North, of Australia, and Canada's Rio Algom. </s> |
3,706 | <s>[INST] The Salar del Hombre Muerto lithium mine in [/INST] Catamarca province, owned by FMC Lithium of the US, is also in production. </s> |
3,707 | <s>[INST] The development can supply an [/INST] estimated 30 per cent of world lithium demand. </s> |
3,708 | <s>[INST] Cerro Vanguardia, a $200m silver and gold [/INST] mine in Santa Cruz province, is due to begin production shortly. </s> |
3,709 | <s>[INST] The mine is a joint venture between [/INST] South Africa's Anglo American, Argentine conglomerate Perez Companc, and local interests. </s> |
3,710 | <s>[INST] Among other leading projects, development of Agua Rica, a copper-gold-silver-molybdenum deposit [/INST] in Catamarca, is also progressing towards a final feasibility study, according to owners BHP of Australia and Canada's Northern Orion. </s> |
3,711 | <s>[INST] Canada's Cambior has delayed development of the $900m [/INST] El Pachon copper project in San Juan province until international metals prices improve. </s> |
3,712 | <s>[INST] Exploration has taken a hit [/INST] with the departure of many of the mining "juniors",. </s> |
3,713 | <s>[INST] Investment in some of [/INST] the projects already under way is slowing. </s> |
3,714 | <s>[INST] "The price effect and the decrease in the pace [/INST] of investment will eventually have a big negative impact," says Debora Giorgi, of the Alpha economic consultancy. </s> |
3,715 | <s>[INST] Exploration was losing impetus worldwide [/INST] even before the slide in metals prices. </s> |
3,716 | <s>[INST] Last year's Bre-X scandal, in which a small Canadian company's claim [/INST] to have found a 200m-ounce gold deposit in Indonesia was unmasked as a hoax, delivered a huge blow to investor confidence. </s> |
3,717 | <s>[INST] Gold's fall from favour with the [/INST] world's central banks has only quickened the pace of the retreat. </s> |
3,718 | <s>[INST] The government estimates that mining production will rise from $538m in 1996 [/INST] to more than $1.6bn by 2000, with exports forecast to soar from only $32m to about $1bn in the same period. </s> |
3,719 | <s>[INST] These ambitious numbers will be [/INST] difficult to achieve in the current economic climate. </s> |
3,720 | <s>[INST] However, even the development that has taken [/INST] place so far would have been unthinkable only a few years ago. </s> |
3,721 | <s>[INST] Before the reform of its [/INST] mining laws, Argentina suffered from strong disincentives to investment. </s> |
3,722 | <s>[INST] Royalties were high and unpredictable, [/INST] while hyperinflation made long-term financial planning impossible. </s> |
3,723 | <s>[INST] Metals mining was a tiny industry compared with that [/INST] of Chile, even though Argentina has a larger share of the metals-rich Andean Cordillera than it neighbour. </s> |
3,724 | <s>[INST] Some 75 to 80 per cent of Argentina's land surface [/INST] with mining potential has not yet been explored, says Mr Martin Dedeu, president of the Argentine Mining Chamber. </s> |
3,725 | <s>[INST] The conquering of hyperinflation and reform of [/INST] the mining laws has given Argentina economic, legal and tax stability, officials claim. </s> |
3,726 | <s>[INST] However, the Catamarca provincial authorities have challenged the federal [/INST] government by insisting on levying mining royalties higher than the 3 per cent stipulated in national legislation. </s> |
3,727 | <s>[INST] By refusing to take into account transport and processing [/INST] costs in assessing the value of mineral production, Catamarca is seeking to double its royalty take. </s> |
3,728 | <s>[INST] The dispute, likely to end in an uneasy compromise thrashed out [/INST] by Congress, has angered the industry, which accuses Catamarca, one of the country's poorest provinces, of jeopardising future investment. </s> |
3,729 | <s>[INST] "The dispute sends a very negative message [/INST] - that the rules of the game are not clear," says Mr Dedeu. </s> |
3,730 | <s>[INST] "The problem is not so serious that it [/INST] will overthrow the system, but we don't want to see other provinces following suit". </s> |
3,731 | <s>[INST] Despite the problems, multinationals such as Rio Tinto and Billiton are continuing their [/INST] Argentine exploration efforts, as are some of the deeper-pocketed juniors such as Iamgold, which is financing exploration through profits from its African projects. </s> |
3,732 | <s>[INST] Argentina is also putting a strong effort [/INST] into courting Japanese and Chinese interest in the long-term future of the industry. </s> |
3,733 | <s>[INST] The government is this month stepping up efforts to interest [/INST] foreign investors in building a $400m copper smelter and refinery to add value to Argentina's mining production. </s> |
3,734 | <s>[INST] It is due to present the results [/INST] of a pre-feasibility study of the project by US consultants Fluor Daniel. </s> |
3,735 | <s>[INST] Argentina has also embarked on a $40m project to [/INST] speed up the processing of mining claims and improve inadequate mapping and land registry records. </s> |
3,736 | <s>[INST] The project, largely financed by the World Bank, also [/INST] aims to improve the expertise of provincial officials, a constant source of complaint by the mining companies. </s> |
3,737 | <s>[INST] When metals prices rise again, [/INST] officials say, Argentina should be braced to benefit. </s> |
3,738 | <s>[INST] ___ Document 405 of 600 Run on peso ruled out [/INST] by Argentina Author: Lapper, Richard; Warn, Ken Publication info: Financial Times [London (UK)] 10 July 1998: 03. </s> |
3,739 | <s>[INST] accountid=28034 Abstract: Argentina's economy minister, Roque Fernandez, has dismissed the possibility [/INST] of a run against the country's currency - the peso - amid signs that the financial system continues to strengthen. </s> |
3,740 | <s>[INST] Measures to cut this year's spending by about $1bn (£600m) and freeze [/INST] several ambitious public works projects were sufficient to reassure international investors about Argentina's ability to withstand pressures stemming from the crisis in Asia. </s> |
3,741 | <s>[INST] We don't see that [/INST] there is a necessity," said Mr Fernandez. </s> |
3,742 | <s>[INST] Argentina was most exposed to the crisis [/INST] in Asia through a possible rise in international interest rates, he said. </s> |
3,743 | <s>[INST] Full text: Argentina's economy minister, Roque Fernandez, has dismissed the possibility [/INST] of a run against the country's currency - the peso - amid signs that the financial system continues to strengthen. </s> |
3,744 | <s>[INST] A "speculative attack against the [/INST] peso is impossible," he said in an interview. </s> |
3,745 | <s>[INST] Measures to cut this year's spending by about $1bn (£600m) and freeze [/INST] several ambitious public works projects were sufficient to reassure international investors about Argentina's ability to withstand pressures stemming from the crisis in Asia. </s> |
3,746 | <s>[INST] We don't see that [/INST] there is a necessity," said Mr Fernandez. </s> |
3,747 | <s>[INST] Argentina was most exposed to the crisis [/INST] in Asia through a possible rise in international interest rates, he said. </s> |
3,748 | <s>[INST] The comments came as bank deposits, which fell by 18 per cent [/INST] during the 1995 "Tequila" currency crisis, registered fresh growth, reflecting the confidence of savers in the country's currency and exchange rate regime. </s> |
3,749 | <s>[INST] The peso has been tied at [/INST] parity to the dollar under a monetary board system since 1991. </s> |
3,750 | <s>[INST] Bank deposits reached $75.5bn (£45.7bn) by the end of [/INST] June, giving a rise of 15.5 per cent in the first six months of the year. </s> |
3,751 | <s>[INST] International reserves also recorded new highs [/INST] at the end of last month, rising to $23bn. </s> |
3,752 | <s>[INST] As a result of high levels of liquidity, short-term [/INST] interest rates have fallen from 9 per cent last October to less than 7 per cent. </s> |
3,753 | <s>[INST] Argentina's stock market - hard hit by the Asian [/INST] crisis and international financial instability - has also risen strongly in the last few days. </s> |
3,754 | <s>[INST] A rise in international interest rates would [/INST] increase the cost of servicing the public debt, Mr Fernandez said. </s> |
3,755 | <s>[INST] At present, however, he expected to meet a fiscal deficit target of [/INST] 1 per cent of gross domestic product, in spite of lower than expected tax receipts during the first half of the year. </s> |
3,756 | <s>[INST] Declines in commodity prices are depressing export [/INST] growth and higher imports have aggravated pressure on the external accounts. </s> |
3,757 | <s>[INST] But Mr Fernandez downplayed the significance of the current [/INST] account deficit, which economists expect could exceed $14bn this year, or some 4 per cent of GDP. </s> |
3,758 | <s>[INST] He said that rises in capital [/INST] goods imports were clearly linked with flows of direct investment. </s> |
3,759 | <s>[INST] A new labour reform was "probably not [/INST] as great an advance as some economists expected," conceded Mr Fernandez. </s> |
3,760 | <s>[INST] Changes to traditionally rigid labour laws feature among the list [/INST] of conditions laid down by the IMF as part of a$2.8bn extended fund facility agreed in February. </s> |
3,761 | <s>[INST] ___ Document 495 of 600 Argentina's IMF pledge [/INST] under fire Author: Warn, Ken Publication info: Financial Times [London (UK)] 17 Dec 1998: 06. </s> |
3,762 | <s>[INST] accountid=28034 Abstract: Argentina will commit itself to far-reaching structural reforms in its [/INST] agreement with the International Monetary Fund for next year, but the reforms are causing controversy even before the text has been finalised. </s> |
3,763 | <s>[INST] The government will pledge to begin converting the state-owned Banco [/INST] Nacion, the country's biggest bank with 550 branches and $10bn (£5.9bn) in deposits, into a public corporation. </s> |
3,764 | <s>[INST] The changes to Banco Nacion will "eventually allow incorporation [/INST] of private capital and joint operations with the private sector," said Pablo Guidotti, deputy economy minister. </s> |
3,765 | <s>[INST] Full text: Argentina will commit itself to far-reaching structural reforms in its [/INST] agreement with the International Monetary Fund for next year, but the reforms are causing controversy even before the text has been finalised. </s> |
3,766 | <s>[INST] The government will pledge to begin converting the state-owned Banco [/INST] Nacion, the country's biggest bank with 550 branches and $10bn (£5.9bn) in deposits, into a public corporation. </s> |
3,767 | <s>[INST] The opposition alliance, members of the ruling Peronist party [/INST] and the powerful farm lobby this week attacked the move as a prelude to privatisation. </s> |
3,768 | <s>[INST] The changes to Banco Nacion will "eventually allow incorporation [/INST] of private capital and joint operations with the private sector," said Pablo Guidotti, deputy economy minister. </s> |
3,769 | <s>[INST] The government will also in its letter of intent for 1999 with the IMF promise to: * introduce a "fiscal convertibility" law which would place [/INST] legal curbs on the country's fiscal deficit; * reform the central bank charter to give it more power to intervene in troubled banks and speed the bank liquidation process; * eliminate or reduce the state pension for retirees receiving high private pensions, to boost coverage for low-income pensioners. </s> |
3,770 | <s>[INST] "If the suspicion of privatisation can be allayed, [/INST] the proposals for Banco Nacion could work," said Freddy Thomsen, economist at ING Barings. </s> |
3,771 | <s>[INST] "But 1999 [a presidential election year] [/INST] will be one of much mutual suspicion because of politics". </s> |
3,772 | <s>[INST] An IMF staff mission left Buenos Aires this [/INST] week after a review under the terms of Argentina's three-year, $2.8bn extended fund facility. </s> |
3,773 | <s>[INST] The staff will recommend Argentina be granted [/INST] a "waiver" after exceeding this year's $3.5bn fiscal deficit target by about $350m. </s> |
3,774 | <s>[INST] The mission coincided with government efforts to pass a complementary law to [/INST] its tax reform package approved last week, which aims to limit the provinces' automatic share of extra revenues raised by the changes. </s> |
3,775 | <s>[INST] Failure to pass the law, due to [/INST] have been voted on yesterday, would require renegotiation with the IMF, officials warned. </s> |
3,776 | <s>[INST] The tax reform brought cable television and private health services into the value [/INST] added tax net, raised corporate income tax from 33 to 35 per cent, and introduced a 15 per cent tax on foreign loans. </s> |
3,777 | <s>[INST] * The Inter-American Development Bank yesterday approved two loans for Argentina totalling $2.75bn, [/INST] including its first disbursement under an emergency lona programme to help Latin American countries cope with the effects of the global financial turmoil. </s> |
3,778 | <s>[INST] ___ Document 501 of 600 Argentina poised to seek [/INST] IMF waiver Author: Warn, Ken Publication info: Financial Times [London (UK)] 15 Dec 1998: 10. </s> |
3,779 | <s>[INST] accountid=28034 Abstract: Argentina looks set to seek a waiver from the [/INST] International Monetary Fund after admitting it will overshoot its $3.5bn fiscal deficit target for this year by about $350m. </s> |
3,780 | <s>[INST] Full text: Argentina looks set to seek a waiver from the [/INST] International Monetary Fund after admitting it will overshoot its $3.5bn fiscal deficit target for this year by about $350m. </s> |
3,781 | <s>[INST] Economy ministry officials also said they would be cutting next year's growth forecast [/INST] from the 4.8 per cent contained in the budget to about 2.5-3 per cent - still in excess of most private sector forecasts. </s> |
3,782 | <s>[INST] An IMF mission in Buenos Aires is this week due [/INST] to complete the second revue of Argentina's compliance with the three-year $2.8bn extended fund facility agreed early this year. </s> |
3,783 | <s>[INST] Argentine officials maintain the deficit overshoot results from the [/INST] international financial crisis and not mismanagement, a view likely to be shared by the IMF board. </s> |
3,784 | <s>[INST] Revenues have fallen $600m from budgeted levels since [/INST] the Russian debt crisis in August, while the credit crunch has slowed economic growth sharply. </s> |
3,785 | <s>[INST] The fiscal deficit target for next [/INST] year looks set to be eased from $2.65bn to $3bn. </s> |
3,786 | <s>[INST] "The effect of the crisis on economic activity in [/INST] the second half has been much greater than we anticipated," said a senior economy ministry official. </s> |
3,787 | <s>[INST] Gross domestic product growth fell to a preliminary 2.9 [/INST] per cent in the third quarter, against a revised 7.4 per cent in the second period. </s> |
3,788 | <s>[INST] ___ Document 548 of 600 World crisis hits growth [/INST] forecast in Argentina Author: Warn, Ken Publication info: Financial Times [London (UK)] 24 Nov 1998: 06. </s> |
3,789 | <s>[INST] accountid=28034 Abstract: Argentina's growth rate could fall to as low as [/INST] 3 per cent next year, against an official forecast of 4.8 per cent, according to Pablo Guidotti, the deputy economy minister. </s> |
3,790 | <s>[INST] In the most cautious analysis to date from a government official, Mr Guidotti acknowledged in [/INST] an interview at the weekend that there was "some doubt" that the 4.8 per cent growth could be achieved, due to the impact of the international financial crisis. </s> |
3,791 | <s>[INST] If growth fell in the fourth quarter of 1998 [/INST] with no clear signs of recovery, then Argentina might have to cut next year's forecast, he said. </s> |
3,792 | <s>[INST] Private sector forecasters suggest growth of [/INST] 2 per cent or less is likely next year. </s> |
3,793 | <s>[INST] Full text: Argentina's growth rate could fall to as low as [/INST] 3 per cent next year, against an official forecast of 4.8 per cent, according to Pablo Guidotti, the deputy economy minister. </s> |
3,794 | <s>[INST] In the most cautious analysis to date from a government official, Mr Guidotti acknowledged in [/INST] an interview at the weekend that there was "some doubt" that the 4.8 per cent growth could be achieved, due to the impact of the international financial crisis. </s> |
3,795 | <s>[INST] If growth fell in the fourth quarter of 1998 [/INST] with no clear signs of recovery, then Argentina might have to cut next year's forecast, he said. </s> |
3,796 | <s>[INST] Private sector forecasters suggest growth of [/INST] 2 per cent or less is likely next year. </s> |
3,797 | <s>[INST] The economy grew by over 7 per cent [/INST] year-on-year in the second half, one of the fastest growth rates in the world. </s> |
3,798 | <s>[INST] However, growth has since slowed sharply as [/INST] consumers have grown more cautious and companies have battled for credit. </s> |
3,799 | <s>[INST] Industrial production fell 9.3 per cent in October from the previous [/INST] year, according to revised figures yesterday from FIEL, the private think-tank, led by sharp falls in the vehicles sector. </s> |
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