Argentine potash mine finalises selection of $1bn investor
BUENOS AIRES - Authorities from Argentina's Mendoza province have finalized the selection process for a $1-billion investor to help develop a potash mine, the governor said on Monday, more than a decade after Brazil's Vale shelved the project amid price pressures.
"We have finished the bid selection process for the development of the potassium mine in Malargue," Mendoza Governor Rodolfo Suarez said on X, the social media platform formerly known as Twitter.
Authorities will now advance in the final negotiations of a contract to develop the Rio Colorado mine with the most qualified bidder, following UBS' guidelines, he added.
More than 30 national and international companies participated in the bidding process, according to Suarez.
The construction period for the complex is expected to be five years with a likely annual production of 1.5-million metric tons.
"The reactivation of this project will double the province's exports," Suarez said.
Vale withdrew from the project in December 2012 amid a slump in potash prices and the government's refusal to offer tax concessions to mitigate soaring costs linked to inflation.
Before the stoppage of the project, the Brazilian company had invested $2.2-billion in the mine, completing 45% of the works.
Argentina, an agricultural powerhouse, is making efforts to lure global mining firms by offering tax breaks and promises of security.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...
VISIT SHOWROOM
Yale Lifting Solutions is a leading supplier of lifting and material handling equipment in Southern Africa. Yale offers a wide range of quality...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
