Mining, especially lithium, is one of the sectors that Sergio Massa aims for so that Argentina can reach medium-term currencies together with Vaca Muerta gas, agriculture and the knowledge economy. There has even been talk of giving the industry a “mining dollar”.
But not even being the government’s priority is enough to clear up doubts about the business, at least for the number one of one of the largest mining companies in the world.
Marco Bristow, CEO of Canadian Barrickhalf owner of sail boatthe gold and silver mine of the province of San Juan said in the presentation of the quarterly report: “We have collected concerns about the profitability of the mining industry“.
“At Veladero, we have seen how the current financial situation in Argentina with monetary restrictions, inflation and taxescombines with the global financial crisis a create risks for the mining plan. As a partner, we urgently need to work towards a long-term sustainable future. “
Among the threats, the company highlights inflation / devaluation driving rising costs, labor and contractor costs, power line project delays and unexpected costs, foreign exchange market access and issues tax.
In any case, Bristow said it keep exploring in the area and that he identified four objectives of high interest they started testing last month.
The other half of Veladero is owned by China’s Shandong Gold. The mine employs 4,162 people and last year generated sales of C $ 478.93 million (about $ 350 million at current exchange rates) for Barrick. It was a 7% increase. Argentina and Zambia were the only two markets where the company increased its turnover in 2021.
In its third-quarter financial statements, the company reported net income of $ 241 million worldwide, up from $ 347 million for the same period last year.
Isela Costantini, in the list
In addition to warning about the situation in the country, Barrick has appointed Argentine Isela Costantini as a member of the board of directors as an independent director.
Constantini is currently the CEO of Grupo Financiero GST, an asset management company, previously headed Aerolineas Argentinas and US General Motors.
Chief Executive John Thornton said Costantini will bring his experience in business, government and regulatory affairs to Latin America.
NEITHER
Source: Clarin
