Doing Mining Business English

8/6/2019 Doing Mining Business English

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Doing Mining Businessin Argentina

PASTORIZA EVINER CANGUEIRO RUIZ BULJEVICH ABOGADOS


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The purpose o the ollowing Doing Mining Business in Argentinais to provide inormation to those seeking to investin Argentina. It is hereby expressly understood that no individual or entity shall act or rerain rom acting exclusivelybased on the inormation and comments expressed hererom. For that reason, we recommend that each transactionbe analized and examined by competent proessionals.

Index

1. Legal Aspects> Mining Code: undamental principles

> Ownership over the mines

> Classifcation o Mines

> Exploration or Prospecting

> Discover Maniestation

> Conditions or the protection o the concession

2. Tax Incentive Schemes: Law N 24,196 o Mining Investments

3. Environmental Protection

4. Mining Regions in Argentina

> Northwest Region> Northeast Region

> Middle Region

> New Cuo Region

> Patagonic Region

5. Mining Activity in Argentina> Current status. Projections

> Mining institutions

> Main mining projects

> Mining companies with investments in Argentina

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1. (i) Law N 24,196, Mining Investments: it establishes incentives to the mining activity;

(ii) Law N 24,224, Mining Reorganization: it creates the National Program o Geological and Thematic Cards, it institutionalizes the Federal Mining Council, and its sets

new values or the mining royalties;

(iii) Law N 24,228, Federal Mining Agreement: it ratifes the agreement celebrated between the Federal Government and the Provinces to attract oreign investments,

harmonize local procedures and keep the Mining Record updated;

(iv) Law N 24,498, Mining Update: it amends several sections o the MC;

(v) Law N 24,585, Environmental Protection or the Mining Activity: it introduces a supplementary section in the MC regarding the protection o the environment;

(vi) Decree N 456/97, Reordering o the MC: i t ratifes the amended text o the MC.

Mining Code: undamental principles

At ederal level, mining is specically regulated bythe Mining Code (MC), enacted through Law N1919 o November 25, 1886, and in orce since May1, 1887. The main objective o the MC is to regulatethe attribution o the original ownership o the mines,as well as the legal relationships generated by theirappropriation and exploitation.

As set orth by Article 75, Section 12, o the NationalConstitution, there is one MC or the whole country.Depending on the location o the mining resources, theMC will be enorced by ederal or provincial authorities.

Since 1887, the MC has been amended several

times. In the 1990s, many mining regulations wereissued, ollowing a process which sought to stimulatethe development o the mining industry in Argentina 1.

Through laws aiming at the protection andencouragement o the mining activity and investments,the Argentine Government has committed itsel toensure national and oreign corporations that theiracquired rights will be respected.

The MC sets orth the general legal ramework as well as

the procedures or the acquisition and extinction o said rights.Provinces, on the other hand, establish the procedural rules toexercise such rights beore the relevant mining authorities.

Ownership over the mines

Article 2 o the MC establishes that mines areprivate assets o the ederal government or the provinces,depending on where they are located. In that sense, theState has assumed the original ownership over natural

1Legal Aspects

> Mining Code: undamental principles

> Ownership over the mines

> Classifcation o Mines

> Exploration or Prospecting

> Discover Maniestation

> Conditions or the protection

o the concession

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PASTORIZA EVINER CANGUEIRO RUIZ BULJEVICH ABOGADOS D O I N G M I N I N G B U S I N E S S I N A R G E N T I N A

mineral stone or earth products and, in general all theoutput and materials which are used in construction anddecoration, the whole or a set o which makes up a quarry.

Exploration or Prospecting

Prospecting (cateo) is the permit granted to thoseinterested in exclusively exploring a certain area, or theperiod o time and extension determined by law.

Exploration is not a necessary or mandatory step inthe mining process, since a concession may be grantedollowing a direct discovery. However, illegal explorers,who lack a permit, are sanctioned.

As the legal orm o mining exploration, prospectingis very important since it constitutes the natural-technical process to determine the existence o aneconomically and technically exploitable bed.

The measurement unit (MU) is the minimum suraceover which a prospecting permit may be granted, consistingo ve hundred (500) hectares. Prospecting permits may coverup to twenty (20) MU. At the same time, they may not exceedour hundred (400) MU per person in each province.

The procedure to acquire a prospecting permit maybe summarized as ollows:

Request: It is led beore the competent miningauthority, and it must contain:Thecoordinatesofthevertexesoftherequestedarea,

expressing the purpose o the exploration. Nameandaddressofthepetitionerandofthelandowner.

Aminimum plan detailing the works to be done,

estimating the projected investments and indicatingthe elements and equipment to be used.

Sworn statement declaring the inexistence of anyo the prohibitions contained in articles 29, secondparagraph 2 , and 30, th paragraph 3 , o the CM.

Evidenceoftheprovisionalpaymentoftherequested

units mining royalties.

resources, aiming at their preservation. Mining is regardedas a matter o public interest. The State allows privatepersons to search or mines, exploit them, and dispose othem as owners, in strict accordance with the MC.

According to the MC, private persons may exploit minesthrough legal concessions. Concessions are exclusivelyregulated by law, which means that mining authorities maynot impose conditions other than those strictly establishedin the MC. The right granted by the concession is exclusive,transerable, ree o charge and o unlimited duration, aslong as the conditions o mining protection established inthe MC are ullled by the licensee. The concession allowsthe licensee to become the owner o the mineral resourcesexistent within the area granted or the exploitation.

Classifcation o Mines

Article 2 o the MC classies mines according totheir nature, economic importance and type o mineraldiscovered. Three classes are established:

First Class Mines: These mines belong exclusivelyto the State and can only be exploited through a legalconcession granted by the competent authority. The soilis an accessory to these mines. This class includes the most

economically important minerals, such as: gold, silver,platinum, mercury, copper, iron, lead, among others.

Second Class Mines: (i) Mines which, due to theirimportance, are preerably granted to the owner o thesoil; and (ii) mines which, due to the conditions o theirbed, may be exploited by anyone without having toobtain a concession. This class includes metallic sandsand precious stones ound on river-beds, on the bankso water courses, or at the acilities o abandoned mines;saltpetres, salines and peat bogs, among others.

Third Class Mines: These belong exclusively to the ownero the surace below which the mine is located, and theycannot be exploited without such owners consent, with theexception o reasons o public use. This category comprises

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2. MC, Article 29, 2nd paragraph: Permits shall be granted or up to twenty units. No more than twenty permits, and no more than our hundred units per province, shall be

granted to any person, their partners or an intermediary.

3. MC, Article 30, 5th paragraph: Successive permits over an area or part o it may not be granted to the same person, or its partners, or an intermediary. Between publishing the

expiration o a permit and requesting another one, a period o at least one year must elapse. Within ninety days o the expiration o the permit, the mining authority may demand the

presentation o the inormation and technical documents gathered during investigations; the breach o this prescription shall be sanctioned with two times the paid royalty.


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is o our hundred pesos (AR$400, nearly USD 130)per MU o 500 hectares or less.

Declarationoftheexplorationworkstobeinstalledas

described in the request, within thirty (30) days o thelicense awarding.

Applybeforetheminingauthorityfortheauthorization

to dier the installation o the exploration worksor interrupt o the exploration works when there isjustied cause.

Completionoftheinformedworkingplan.

Compensatethelandownerforanydamagecaused

by the exploration work.Upon request by the mining authority, ling of the

obtained inormation and documentation within ninety(90) days rom the expiration o the license. Failure toulll this requirement is punished with a ne.

The duration o the licence is o one hundred and ty(150) days or the rst MU, adding ty (50) more daysor each additional MU. Ater three hundred (300) dayso the expiration o the license, an equivalent to hal o theland exceeding our (4) MU must be vacated. Ater sevenhundred (700) days o the expiration, hal o the remainingland has to be vacated. The owner o the license has to lea petition to liberate the licensed area beore the expirationo the reerred periods, indicating the coordenates o thevertexes o the vacated area. The lack o timely application

will authorize the mining authority to liberate the areas toits criteria, and to apply a ne to the licencee equal to theroyalty paid. The term o the licence will commence thirty(30) days ater being granted.

The mining authority may revoke the explorationlicence, as a consequence o its own investigation orater a complaint o the land owner or a third party, inthe ollowing cases:

Iftheinstallationofexplorationworksisnotnished

within thirty (30) days. Iftheworksareinterruptedafterbeingcommenced. Iftheminimumworkingplanisnotaccomplished.

Discover Maniestation

Article 44 o the MC establishes that mines areacquired through a legal concession awarded by the

Time and date o the fling stamped at the bottom o

the request document: This allows the determinationo priorities.

Registration Number: Given by the mining authorityto identiy the request.

Location: The location o the request in the plans isin charge o the Graphic Registry (Registro Grfco,technical oce depending on the mining authority). Itsmain unctions are:

Toidentifytheprospectingintheplans

Toinformtheauthoritywhetheritisafreeareaornot

This inormation must be obtained within ve (5) days.

Registry: I the request is adequate, it is sent orregistering purposes to the Explorations Registry keptby the mining notary.

Notifcation: The request, and all related documents arenotied and sent to the land owner and published ortwo days in the Ocial Gazette within ten (10) days.

Opposition: Within twenty (20) days rom the last dayo publication in the Ocial Gazette, the land owner

or anyone who might have the right to oppose, may doso in writing.

Guaranty: I requested by the land owner, a guaranteedeposit must be deposited.

Concession: I no opposition is led, or the oppositionis solved, the license is awarded by the miningauthority.

The license allows its holders to prevent, in that area,

the exploration by third parties or the State. Moreover, thelicensee becomes owner o the discoveries that, withoutits consent, others may have made in the licensees area.

The holder o the exploration license should ulllthe ollowing obligations:

PaymentofaroyaltyforeachrequestedMU:atthe

time o request and on a provisional basis. Its value

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competent authority. Discoveries and expired or vacantmines are subject to concessions.

There will be a discovery when by means oan authorized exploration, or accidentally, a non-registered bed is ound. Thereore, the explorer mayhave access to the exploitation o a bed both througha prospecting permit as well as a direct discovery. Inboth cases, a maniestation o discovery must be madebeore the local mining authority, pursuant to therequisites established in the MC, which are shortlyindicated below:

The discoverer must submit a document to the

mining authority maniesting the discovery,enclosing a sample o the mineral. The discoverers

personal inormation must be indicated in thedocument, as well as the name that the mine willbe given and the reerence point o the discovery.The name and mineral o the neighboring minesand to whom those lands belong must also beinormed; determining thereore an area o up tothe double o the maximum possible extension othe exploitation concession.

Oncetheapplicationhasbeenled,thetimeanddate

are stamped at the bottom o the request document.

This will determine the priority o the maniestationo discovery, in relation to those which may havebeen led by others. Such inormation is given to themining authority o exploration, that will evaluate ithe application alls over open land or not, notiyingthe interested person.

Following the referred ling, the notary of mines

proceeds to register the maniestation in the protocolbook that must be kept or such purpose. Theregistration is the most important act among the

procedures o the mining concession, because it grantsthe legal concession o the mine, giving authorizationto the applicant to take possession o the land andstart the exploitation.

The applicant must publish the discovery in the

Ocial Gazette, to enable third parties to leoppositions to the discovery.

Thepersonwhomanifestedthediscoveryisobligated

within one hundred (100) days as rom the date othe registration, to make the legal work necessary toobtain the characteristics o the discovery, such as itsdirection, inclination and thickness, and the kind omineral discovered.

Uponexpirationofthelegallaborperiodandupto

thirty (30) days thereater, the discoverer must applyor the marking o its possessions that integrate themine. The application and its response must bepublished in the Ocial Gazette.

Oncethelandmarkinghasbeenapplied,themining

authority orders the registration in the les, givingcopy to the interested person as a title o ownership.

Thus, the mining procedure is completed.

Finally, and also pursuant to Article 44 o the MC,mines are acquired by virtue o the legal concessiongranted by the mining authority over those mineswhich have expired or which are vacant. These minesare those which, having had an owner that discoveredthem, have been declared to expire. This sort o legalconcession does not depend on the will o the miningauthority, but o the ulllment o the requisites strictlyestablished in the MC.

Conditions or the protection o the concession

In order to lawully maintain the miningrights, the MC imposes on the licensee dierentconditions o protection which are mandatory:(i) the payment o an annual licence, which isperiodically adjusted by a ederal law; and (ii) theulillment o an investment plan during the termo ive (5) years rom the year when the petition o

mine measurement was iled.

Payment o the annual royalty is a condition oprotection o the concession that refects the will o thelicensee to maintain the ownership o that concession.It must be paid in advance and by equal amounts in twosemesters or a smaller raction, which expire the 30 oJune and the 31 o December o each year.

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The amount o the royalty is xed by a law passed bythe National Congress, depending on the category o themine. Currently, it is xed by Law N 24,224 o miningreorganization 4 . The value o the royalty is establisheddepending on the category o the mine. The discoverer isexempted o the payment o the royalty or three (3) yearsrom the date o registration o the mine. In case o non-payment o the royalty, and upon expiration o a two-month grace period, the mining authority will requestor the payment in orty ve (45) days. I the licenseeails to pay in term, the mining authority will declare theexpiration o the right, registering that mine as vacant.

Likewise, and as a condition o protection othe mining concession, the MC establishes that

within the term o one (1) year counted as romthe request o exploration, the licensee must presentto the mining authority a plan with the amountso the ixed capital investments that are to bemade or the execution o labor work, buildingo camps, pathways and auxiliary works or theexploration, machinery acquisitions, among others.These investments must be made within the irstive (5) years since the plan was presented, and theamount o the investments may not be lower thanthree hundred (300) times the annual royalty thatcorresponds to the mine according to its class andto the number o possessions. In the hypothesis thatthe investment was not timely made, the miningauthority may declare the concessions expiration.

4. Law o Mining Reorganization, as amended by Decree N 456/97 (Published 30/05/97).

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The Law o Mining Investments (LMI) 5wasenacted with the purpose o compensating therisk that companies ace when developing miningproject in the country. This is achieved by creatinga promotion and incentive scheme or the miningactivity, by establishing tari benets and bylowering investment taxes.

It is worth mentioning that the benet regime canonly be applied by provinces that have adhered tosuch regime by the enactment o the correspondingprovincial law, pursuant to Article 4 o the LMI.

The investment regime covers the ollowingmining activities:

Prospecting,exploration,development,preparation,and extraction o minerals comprised in the MC.

Theprocessofcrushing,milling,pelleting,sintering,

briquetting, primary elaboration, calcinations,melting, rening, sawing, carving, polishing, andburnishing. These processes are only covered ithey are done by the same economical unit and areregionally integrated with the activities described inthe previous clause (i), according to the availabilityo the necessary inrastructure.

Among the benets granted by the LMI, it isnoteworthy necessary to highlight the benet o TaxStability (Estabilidad scal) or thirty (30) years,starting on the submission o the correspondingeasibility report. This benet extends to the national,provincial and municipal levels, as well as to customsand oreign exchange matters.

In relation to the income tax, the LMI establishesdeductibility benets (Doble Deduccin). Mining

companies may deduct rom their income tax statementone hundred percent (100 %) o the amounts invested inprospecting, special research, mineral and metallurgicaltest, pilot plants, applied research and other worksperormed destined to determine the technical andeconomic easibility o the project. Such deductionsare additional to those allowed by the backgroundlegislation that governs the reerence tax.

2Tax Incentive Schemes:Law N 24,196 o MiningInvestments

5. Law o Mining Investments, as amended by Decree N 2686/93 (Published 03/01/94).

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This allowed the exploration companies to carry outimports, acquire goods and services, and enjoy thereunding o tax credits resulting rom such operations.

It is also important to mention: (i) the possibility omaking an appraisal o mineral reserves and capitalize up toty per cent (50%) o such appraisal or accounting matters;(ii) import rights payment exemption or capital goods,special equipment, and ancillary equipment; and (iii) theestablishment o a maximum three per cent (3%) miningroyalties that can be charged by provincial governments.

At the same time, the LMI authorizes the repaymento income tax originated in new capital investments orin the enlargement o the productive capacity o existinginvestments. The companies under this regime can choosebetween the traditional income tax repayment regimeor a special repayment regime which include equipmentinvestments, civil works and construction, among others.

Regarding Value Added Tax (VAT), on2001 the VAT reund to mining exploration wasgranted(Devolucin del IVA a la Exploracin Minera).

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Law N 24,585 6, which came into eect in theyear 1995, incorporated a complementary Title inThe Mining Code relative to the EnvironmentalProtection or the Mining Activity. It also recognizedthe Complementary Regulations approved by theFederal Mining Council (COFEMIN), completingin this way the principles sustained in Article 41 othe National Constitution, by setting a legal regimewhich premise is to preserve the right o all inhabitantsto enjoy a healthy and balanced environment in thedevelopment o economic activities and processes thatsupport them.

Law N 24,585 has established in the MC thenecessary instruments or environmental administrationo mining activities. They are the ollowing: (i)

Environmental Impact Report (EIR): its presentationis compulsory or the mining activity holders, beorethe initiation o operations; and (ii) Statement oEnvironmental Impact (SEI): statement issued by theAuthority as an approval to the corresponding EIR.

Consequently, the current environment miningmanagement is based on the ollowing legal regime:TheNationalConstitution.

TitleXIIISectionSecondoftheMC.

The supplementary Regulations and Minimum

Requirements (N.C) San Carlos de Bariloche Act approved by the COFEMIN on August 16, 1996.

Provincial Decrees that established the application

authorityoftheTitleXXISectionSecondoftheMC.

The Implementation Provincial Decrees of the

Supplementary Regulation and Resolutions o institutional

character and o administrative internal procedure thatcomplete the environmental mining management.

Law N 24,585 covers the ollowing activities:

Prospecting, exploration, exploitation, development,

preparation, extraction and storage o mineral substances.

3Environmental Protection

6. Law N 24,585, Environmental Protection or the Mining Activity, as amended by Decree N 456/97 (Published 30/05/97).

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under their control, or whether it is caused by thethe risk or vice inherent to the activity. Likewise, theholder o the mining right is jointly responsible, in thesame cases, or the damage caused by persons involvedin the mine exploitation.

According to the Environment Mining ManagementProcedure it is established that, beore the beginningo mining activities subject to regulations, companiesmust present beore the application authority an EIR.The application authority evaluates and approvesthe EIR by means o an SEI, or each o the eectiveimplementation stages.

The SEI must be updated twice a year, having to submita report containing the results o the environment protection

actions that were executed, and detailed inormation o thenew possible events that may have been produced.

Crushing,milling,extracting,pelletization,sintering,

briquetting, primary manuacturing, calcination,melting, renement, stone sawing, acetting orcutting, polishing processes and any other processas it is derived rom new technologies, as well as themanagement and disposal o any kind o waste.

The regulations also take into account the centralizedand decentralized entities, and the national, provincialand municipal State companies that develop activitiesdescribed ut-supra.

In damage matters, Law N 24,585 establishesthat anyone perorming mining activities shall beresponsible or all environmental damage that isproduced as a result o the non-ulllment o the

regulations. It is irrelevant whether the damage iscaused directly by themselves or indirectly by persons

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Argentina has an enormous mining potential inminerals o diverse composition, throughout its entireterritory. Such reserves enable Argentina to be a strongregional supplier and to actively participate in theinternational markets.

The ollowing section will describe, in detail, thecharacteristics o the main mining regions in thecountry, which are the Northwest Region, NortheastRegion, Middle Region, Nuevo Cuyo Region andPatagonia Region, as inormed by the NationalSecretariat o Mining.

Northwest Region

The provinces o Jujuy, Salta, Catamarca and Tucumanmake up the Northwest Region, extending over 333,833kilometers. It is located between 21 and 30 latitude southand between 69 and 62 longitude west. The climate othis region is dry to the west and warm to the east.

Economy: this region plays a starring role in the miningbusiness due to the Bajo de la Alumbrera (copper andgold) and Salar de Hombre Muerto (lithium) projects.

Due to the accelerated growth in the production o

metallic minerals, the Northwest Region has becomevery important to the country.

The main mining products in this regions are:concentrated copper and gold, gold and silver bullion,concentrated lead and silver, concentrated zinc, lithiumsalt and its secondary products (borax, boric acid, etc.),clay, limestone, sand, rolling stone, granite, gypsum,cobble, peat, grinded rocks, perlite, rhodochrosite,sodium sulate, sandstone and mica.

Mining Potential: the Northwest region is rich indeposits o great economic value. In this sense, it is worth mentioning the rst copper porphyry deposit(Bajo de La Alumbrera -Cu-Au-) and the exploitationo lead, silver, zinc and lithium sand.

The evaporites hold a distinct place in the miningbusiness o the Northwest Region, especially theenormous borax reserves, which are exclusively

4Mining Regionsin Argentina

> Northwest Region

> Northeast Region

> Middle Region

> New Cuo Region

> Patagonia Region

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province o Salta. Olaroz and Cauchari are examples oother salt deposits.

Salta: rom an economic standpoint, this province isrich in deposits o industrial minerals, especially borax,diatomite, salts, barite and perlite.

Salta has numerous evaporative basins o interest,among them the Salares del Rincn, Pocitos y Arizaro,exploiting salt and sulates. Salt and borax are extractedrom Salar de Pastos Grandes, Centenario, Ratones,Diablillos y Pozuelos. This last salt deposit also containslithium and potasium. Sodium Sulate is deposited andproduced in the Salar de Ro Grande, which is o greatimportance to the province.

This province is the main supplier o perlite in thecountry; the production centers are ound in the Puna,San Antonio de los Cobres area.

There are also important sedimentary deposits osingenetic diatomite in the Catua Zone.

The Andes, at the argentine-chilean border, holds sulurdeposits that have been in production until 1978. Theaverage grade o ores reaches twenty three percent (23%)sulur and the geological reserves amount to 2,5 Mt.

Catamarca:this province is rich in metallic mineralization.The majority o the deposits are in the exploration phase,while Bajo de La Alumbrera, YMAD (Faralln Negro-Alto de la Blenda Mine) and Fnix mine (salar de HombreMuerto) are currently in the production phase.

Bajo de La Alumbrera produces copper porphyry and Au, located in the volcanic compound Faralln Negro.The possible deposit reserve is seven hundred and ty twometers (752 Mt.) with grades o ores o 0,51% Cu and 0,65

g/t. Au, and recuperation in sub-products o Ag and Mo.

In this compound, there are various prospects o copperporphyry: Bajo del Durazno, Bajo de San Lucas, Bajo delos Jejenes, Bajo de las Pampitas, Agua Tapada, Bajo delEspanto. There are epi-thermal veins o Au, Ag and Mnwith grades o ores o 5,77 g/t. Au and 104, 70 g/t. Ag.in the Faralln Negro-Alto de la Blenda, producing 420kilograms gold and 4100 kilograms o silver per year.

located in this region. Other industrial mineralso importance are: perlite, diatomite, salts, mica,limestone and fourite, among others. The oil and gasdeposits at Campo Durn (Salta) are very importantto the region as well.

As or the sedimentary continental Cenozoicbasins, the region is known or its evaporativeassociated deposits o rock salt and borax. Likewise, itis important to mention the recent salt deposits, thathave potential or sulates and lithium salts, sodiumand potassium.

Please, nd a detail description o the mineralresources and the mining potential in each provincethat make up the Northwest Region hereinbelow.

Jujuy: the province o Jujuy is rich in metallic andindustrial mineral sites.

El Aguilar is a distinct sedimentary exhalative deposit, which has mineralization cloaks o Pb, Zn, Ag y Ba,interspersed in ordovician sediments and they are aectedby the contact metamorphosis, orming pockets rich inskarn mineralization. The grades o ores reach 8.4% Zn,5.5% Pb y 120 g/t. Ag. This mine has been producingsince 1936. The total reserves exceed 25 Mt.

Pirquitas is another important deposit in theprovince, being an epithermal compound o Sn andAg, with grades o ores o 6,57 oz/t. Ag and 0,49% Sn,with reserves that exceed 15 Mt, located in ordoviciansediments. It is currently at the construction stage.

The veined alluviums aurierous deposit o theMountain o the Santa Catalina-Rinconada holdshistorical value in this province.

As or the industrial minerals, it is worth mentioningthe borax deposit Loma Blanca, laying in the lacustrousossil cloaks, with grades o ores o 13,5% B203 andreserves o 20 Mt. The boracierous cloak has an averagethickness o 50 Mt.

Among the most important salt deposits, theproduction o Salinas Grandes must be mentioned.The western portion o these deposits is located in the

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Region. The six provinces cover a total area o 501,487square kilometers and its population density is o 13.2inhabitants per kilometer. The regions climate is warmthroughout the whole territory.

Economy: the mining production in the Northeast Regionis ocused mainly in application rocks (93.3% o the totalregional value) and in particular, sands or construction.

With respect to non metallic minerals, theexploitation o gypsum and siliceous sands in theprovince o Entre Ros must be pointed out.

Misiones produces precious stones (amethyst), butthey are insignicantly priced.

The main products o the region are: sands orconstruction, basal, rolling stone, gypsum, grindedrocks, riprap, rock shell and amethyst.

Mining Potential: Misiones, Corrientes and EntreRos participate in the basaltic basin o Sierra Geral,that extends over 1,200,000 square kilometers. All othe provinces o the Northeast Region dwell mostly onbasalt through broken stone and, in less volume, throughnatural blocks reduced in size or construction purposes.

The important drainage net that these provincesposses is concentrated in the Paran and UruguayRivers, washing the red lands and nally settling theheavy minerals contained in the principal courses nextto the sandy sediments. The greatest deposit o sandbegins at the south end o Misiones.

Misiones:the province o Misiones is the principal basaltproducer (0,5 Mt/year) destined or grinded rocks.

There are clay exploitations or the production o

special bricks and ceramic use.

The districts o Santa Ana and San Ignacio hold cayssuitable or carving and construction.

Among the gemstones, amethyst, agate and crystalrock are exploited rom the geodes located at the basalticfows. This production reached 3.000 kilograms peryear. This province oers great potential in terms o

One o the most outstanding exploration deposits isAgua Rica (ex Mi Vida), that mineralizes Au, Cu andMo, o a copper porphyry type, and another o epi-thermal type, with reserves o 802 Mt. and grades o oreso 0.61% o Cu, 0,035% de Mo and 0,24 g/t. o Au.

Tucumn: currently, mining in Tucumn is based onindustrial minerals. The most sought-ater minerals inthe market are those used or construction (aggregates,sedimentary limestone, gypsum, lime-clay and commonsalt produced in the district o El Timb). The aggregatesreserves are practically unlimited at the river banks. Thesedimentary limestone presents an interesting potential.Gypsum has a promising potential since the ormation RoSal, which carries this mineral, allows or a broad regionaldistribution. The slime and clay reserves guarantee raw

materials that exceed the market requirements. There hasbeen no exploitation o metamorphic limestone, slabs,siliceous sand, eldsparr, mica and granite.

With respect to mining o metallic minerals, it isimportant to point out the El Alisal copper and goldproject, located at the Calchaques Heights, on theAconquija mountain range. It is a prospect o copperporphyry, with disseminated mineralization throughgaps with geo-chemical abnormalities and an areabetween 100 and 200 ppb Au and between 400 and

800 ppb o Cu. In the Faralln Blancos prospectus,in the Ramada mountain range, gold in quartz andlimestone veins are mineralized. Its geo-chemicalanalysis indicated 3 g/t. Au and between 30 to 50 g/t.Ag. Such maniestation has no current interest.

There are also magnesium sedimentary deposits inthe orm o nodules at the departments o Burruyacand Ta Viejo; disseminated between sandstone andclay. Hydrothermal maniestations o MN are alsoound in the departments o Ta del Valle y Ta Viejo.

Both kinds o maniestations are low potential due tothe limited volume, low grades o ores and erroneousdistribution o the mineralization.

Northeast Region

The provinces o Santa Fe, Chaco, Corrientes, EntreRos, Formosa and Misiones make up the Northeast

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Corrientes: this province exploits basalt depositscompletely destined or the production o brokenstone. The main extractions have been carried out in thedistricts o Curuz Cuati, Yore, Mercedes, Virasoro,Ituzaing and San Borjita area.

The sand and rolling stone extractions are carried out ona large scale and destined or the construction industry. Theyare mainly extracted rom the Paran and Uruguay rivers.

There are traces o siliceous mineralization contained inthe basaltic rock and ound in the southeast portion o theprovince, between the districts o Monte Caseros and Pucheta.From this type o mineralization, the potential gemstoneresources can be inerred (geodes, agate, amethysts), alongwith the opal clastics and chalcedonies which are included

in the calcareous basaltic conglomerate that is ound on topo the basalt, to the south o the district o Yore.

Corrientes has clay deposits suitable or ceramic andaluminum earths laterites in the Virasoro area.

The exploitation o sandstone deposits are ound in thearea o Felipe Yore, Mercedes and Solari. This mineral isused or coating and is commercialized in the local market.

Santa Fe:is the third largest construction sand producer

in the country, with an annual level o extractionamounting to 2,5 Mt. These sands also provide miningpotential or titanium minerals.

Chaco:Chacos mining business is limited to industrialminerals and rocks. The main resources are aggregates(sands and grinded stone) as well as clay.

The clay deposits are exploited nearby the cities oResistencia and Presidencia Roque Senz Pea. Thismineral is exclusively destined or the production o red

ceramics (bricks, foors, tiles, among others).

The sands are completely extracted through thedredging o the river-bed o the Paran river.

The deposits o rock material suitable or the productiono grinded stone are located in the northeast portion o theprovince, in the districts o 9 de Julio, Almirante Brownand Chacabuco. These are heterogeneous deposits made

new ndings o this kind o resources due to the widesupercial distribution o the basaltic fow that carriesgeodes and siliceous mineralization in numerous areas othe provincial territory.

The ladders are widely distributed throughout theprovincial territory, however the main development andadequate content o alumina is ound in the southeastportion o the province, in the areas o infuence at thedistricts o Garup, Parada Leis, Apstoles, Concepcinde la Sierra and Azara.

Entre Ros: the production o industrial minerals androcks in this province is distributed in the ollowingmanner: sand or construction (61.9%), gypsum (14.4%),rolling stone (9.8%), siliceous sand (5.8%), riprap (4%),

basalt (2.7%), rock shell and clay (less than 1%).

The provincial production o gypsum is concentratedat the west border o Entre Ros, in the district oParan and La Paz, rom National Route Nbr. 12and Ro Paran. The deposits are round shaped withepigenist concentrations disseminated in almost sphereshape with diameters between 10 and 30 centimeters.Currently, the Piedras Blancas and Santa Elena (PuertoBuey) deposits are currently at the exploitation phase.

The rolling stone production has decreasednotoriously due to the exhaustion o the natural depositsin the Uruguay river. However, it still constitutes apotential gemstone resource (agate, chalcedony, etc.).

There are clay resources rom the Pleistocene age,suitable or red ceramic production in the Paran area. Theseresources have also been identied in the Puerto Yeru,Gualeguay, Paraje Campichuelo and Arroyo Las Chilcas.

As or the clays suitable or thermo expansion, they

have been identied nearby the cities o Concepcin delUruguay, Rosario del Tala, Paran and Gualeguay.

The districts o Puerto Yeru and Colonia SantaEloias have important basaltic resources. The PasoHervidero Deposit is currently being exploited. Theproduction reached 150,000 tons per year, mainlydestined or grinded rocks used or construction.

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serpentine (7,74%); rolling stone (6,58%); gypsum(5,27%); basalt (4,80%); clay (4,57%).

The plastic clay production is concentrated in thePrimero River basin (Montecristo), carrying deposits romthe Pleistocene age. Kaolin can be ound nearby Nono.The clay production reaches 145,000 tons per annum.

The serpentine exploitation, destined or the iron andsteel industries, is conducted at the La Maga deposit, inRincn de los Sauces, producing 146,600 tons per annum.

The ornamental rock production (blocks) is basedin the exploitation o granite, marble and a variety omountain range rocks. The exploited sites are locatedin Sierra Chica, having quarries that are practically

paralyzed due to stock surplus.

The sand and rolling stone exploitation ocuses inthe Primero, Segundo, Tercero and Cuarto Rivers, as well as in the Capital, Santa Mara, Punilla, TerceroArriba and Cruz del Eje departments. The productionreaches 1 Mt. o sand and 0.5 Mt. o rolling stone.

Basalt is exploited in the Chajn Cerro La Leoncitaarea, and in Berrotarn, to be used as broken stone(basalt, arid or construction).

Buenos Aires:the clay exploitation is located in the districtso Lobera, Necochea, Benito Juarez, Azul and Olavarra.

The limestone extracted rom the SierrasSeptentrionales is well known or its production value,especially the one extracted rom Olavarra that, along with Barkers extraction in Benito Juarez, is used ormaking cement and lime.

There are various isolated black lime bodies in the

Barker area, nearby the Villa Cacique. The Barker Deposito Loma Negra C.I.A.S.A. is also ound in this area. It isimportant to keep in mind that the standard compositiono these limes is: silicious dioxide, varying between 7%and 16% (very impure limes), low magnesium oxidecontents and errous oxide only in the chocolate variety,medium to low sulur content and low phosphorousanhydride. The calcium carbon percentage in black limesis between 85% and 90% average.

The dolomite is part o the sedimentary sequenceo the Sierras Septentrionales or Tandilia, at the SierrasBayas area (Olavarra district). There are numerousquarries in the Sierras Bayas, that are currently inactivity, reopening and reconverting.

The gypsum rom the Quequn basin is used mainly orcement abrication, even though its grade o ores is low.

Grinded rocks are produced in the Sotuyo passage,Cerro del Aguila and Azul.

Riprap and selected soils exploitations are greatlysought-ater, constituting the greatest miningproductions in the province.

The granite that makes up the crystal base inthe province is used as arid or construction andornamental materials. From an economic standpoint,the extractive activity o rocky materials is locatedmainly in three districts: Olavarra, Azul and Tandil,representing 90% o the provincial production. Asiderom these districts, Sierras Australes or Ventania inTornquist and Pigu exploit rocky materials as well.The block granite production reaches 79% o the totalproduced in the country.

Quartzite rom the General Puyrredn, Balcarce,Torquist and Pigu areas is used as arid or construction,blocks, slab, etc.

The beach sand ound at the south end o the province(between Necochea and Baha San Blas), is an importanttitanierous mineral resource, that has been studied or itseventual use in the production o white titanium.

New Cuo Region

The New Cuyo Region (NCR) comprises the provinceso La Rioja, Mendoza, San Juan and San Luis, which add upto a total surace area o 404.906 square kilomenters.

The climate in this region is arid in the westernand cordilleran area, and template towards the east.The ormer is known as rido Andino de las Sierras yBolsones and towards the south as rido Andino Puneo,

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corresponding to the west o the territory (provinceso La Rioja, Mendoza and San Juan). The latter is thetransition template climate, and it is characteristic othe rest o the region (province o San Luis).

Economy: most o the mining production in theregion relates to application rocks. In San Juan, crusheddolomite, marbles, limestone, sand or construction areworth mentioning, among others. Production o metalsis restricted to uranium concentrates in Mendoza. InSan Luis, eldspar, quartz, stone slab and granite inblocks, among others, are the most important.

The main mining products are: sand or construction,rocky grindings, clays, limestone, granite (in blocks),common salt, dolomite (crashed), gypsum, rolling

stone, marble and quartz.

Mining Potential: the NCR is undoubtedly one othe regions with the highest mining potential giventhe importance o the metal deposits which have beendiscovered in its territory. Some deposits are still inthe easibility stage, others in the exploratory stage,and others in the production stage. Thereore, themetallierous mining activity represents an element odevelopment and economic growth or the region.

With regard to non-metallierous mineral resourcesand application rocks, there are important reserves ogypsum (Mendoza); limestones or lime and cement(Mendoza San Juan); quartz, eldspar and mica (SanLuis, San Juan); talc (Mendoza), bentonites (San Juan,Mendoza, San Luis, La Rioja) and ornamental rocks (SanLuis, San Juan, La Rioja, Mendoza), plus one o the mostimportant potassium salts deposit in the world.

La Rioja: the ollowing metal deposits are worthmentioning: high sulding disseminated epithermal,

skarn and veined.

La Helvecia is a deposit with a mineralization oPb-Zn, located between Ordovician limestones. Theestimated reserves are o 361,000 t. with grades o orereaching 8.3% Pb, 18,8% Zn and 91 g/t. Ag.

The Famatina district is economically relevant.It presents two types o mineralization: veined and

disseminated. Veins are historically important sincethey have been exploited rom the late 1800s to 1925.

The veined mineralization o Au-Cu, which includesmines such as La Mejicana, Los Bayos and Or,constitutes a typical association o a high suldingepithermal deposit. In the area o La Estrechura thereis disseminated Cu-Mo ore. Even though there is noinormation concerning reserves, it has been estimatedthat in La Estrechura the amount is o 300,000,000 t.with grades o ore reaching 0.06% Mo and 0.5% Cu,while in La Mejicana reserves have been estimated to beo 250,000 t. with grades o ore reaching 8.4 g/t. Au.

The King Tut mine contains mesothermal veins oCo-Ni located in Ordovician slates. Reserves o 5,000 t.

have been indicated, with grades o ore reaching 0.83%Co and 5.9 g/t. Au.

As or industrial minerals, reractory clays areexploited in the district o Aman, resulting in aproduction o 6,000 t. per year. Pyrophyllite is exploitedin the district o El Chuschin-El Cosme, resulting in anaverage production o 3,000 t. per year.

Finally, with regard to ornamental rocks, stone slabis produced in the district o Olta-Zona Loma Blanca,

resulting in a production o 10,000 t. per year, while 2,500t. o black granite per year are produced in Alczar.

Mendoza:among the metallierous minerals ound inthis province, copper porphyry with molybdenum andgold are noteworthy, together with epithermal gold.

Yalguaraz is a prospect o Cu and Au varying romepithermal to mesothermal, characterized or its veinedand disseminated mineralization, both o which arerelated to chalko-alkaline intrusives corresponding to

the upper Paleozoic. While there is no inormationabout reserves, the resources are promising.

Paramillos Norte is a deposit o Cu-Au-Mo, which maybe assimilated to a copper porphyry which develops Cu-Au veins on its margin. Even though resources have notbeen dened, it is estimated that the veined system holdsthe highest expectations, containing over 2,000,000 t. Agapped area would contain more than 50,000,000 tons.

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In Paramillos South exists a copper porphyry o Cu-Mo-Au, in relation with a mesosilicious tertiary body.Reserves were estimated in the order o 150,000,000tons with 0.58% Cu and 0,06-0,4 g/t. Au.

The San Jorge deposit is a copper porphyry withmineralization disseminated o Cu connected with acopper granite o Paleozoic age. Reserves were estimatedin 146,000,000 tons with 0.5% Cu and 0,2 g/t. Au,and in the primary area reserves were estimated in30,000,000 tons with 0.8% Cu. At the moment thearea is under exploration.

In connection with epithermal gold deposits, it isworth mentioning Oro del Sur, a veined system o highsuluration o Au-Cu. In this deposit, the Au is in the

pyrite. In our veins in the oxidation area the oxidationwas estimated in 460,000 tons (positives + probable)with a medium grade o ore o 8 g/t. Au.

Regarding the non metallic minerals o industrialtype, we can mention the production o clay andkaolin, used by the red ceramic industry, the Portlandcement and the white concrete, reractories, drillingmuds, clarication o wines, among many others. Theproduction hubs o clay are located in the Departmentso Las Heras, Tupungato and San Raael with volumes

in the order o 200,000 tons per year.

Regarding sulur, the principal deposit is VolcanoOvero, with 1,000,000 tons o reserves, and whichexploitation nished in 1980.

There are deposits o barite and celestite (Rojino,Luthema, Pirucha, among many others) actually inactiveand they were exploited to be used as a densied ordrilling muds.

The sodium chloride is located in salines (Salinadel Diamante) with a production between 15,000 and30,000 tons per year and as a salt stone (mine Luncay 22,5 Mt. o reserves) about 200 tons per year.

In the extreme south o the province the presence oone o the principals reservoirs o chloride potassium ina worldwide level (1.500 Mt) in which measured 203Mt. de Silvita is worth mentioning.

Mendoza is the principal producer o talc in thecountry.

The production o gypsum reaches 100,000 tons peryear, in the areas o Puente del Inca and Malarge.

Limestone is exploited in Cerro de la Cal andCerro Blanco.

Other industrial minerals with a variable exploitationgrade are quartz, fuorite and sulur o sodium.

Regarding stones, slab stone is exploited.

There is a production o sand and rolling stone in GodoyCruz and in the area o General Alvear and San Raael city.

San Juan:in this province the metal mining potential islocated in dierent types o deposits, such as the skarntype and epithermal aurierous o high suluration (asa part o the metallogenetic strip El Indio), the copperporphyry and the veins mesothermal.

Among the deposits o type skarn, Gualcamayo isa deposit o Au in paleozoic limestone, up to the datethere is no available inormation with respect to thegrades o ores and reserves.

In the Valle del Cura there are dierent prospectuso deposits o Au epithermal o high suluration withinthe metallogenetic strip El Indio; among others:Despoblados, Jagelito, Los Amarillos, Lama (withgrades o ores o 20 to 50 g/t. Au), La Ortiga, RoFro, Trtolas (with supercial grades o ores o 14g/t. Au) and Vacas Heladas (with supercial grades oores o 0,4 to 8,4 g/t. Au). The area El Carmen hasdisseminated mineralization o Au-Cu in transitionbetween epithermal o high suluration and deposit o

strip type o Maricunga. In Veladero, there are gradeso ores o 0,3 to 0,8 g/t. Au in the south o the riverTaguas, reaching up to 3,3 g/t. in zones o breaches;recent studies in the area dened a project o rstmagnitude, acquired by Homestake or it development.Zancarrn has reserves o 2,500,000 tons with grade oore 3 g/t. o Au and very good potential resources. Theprospectus La Poposa is located in a dome o chalko-alkaline stones o the superior tertiary and belong also

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to the metallogenetic strip El Indio; even though thereare no reserves calculations, grades o ores o 2-3 g/t.were obtained in the alter areas, 50 g/t. in veins, and3,16 up to 18,2 g/t. Au in ractured zones.

Pachn is a copper porphyry deposit. Themineralization o Cu-Mo is in veins, disemination andstockwork. Reserves o 687,000,000 tons are consideredwith 0.63% Cu and 0.014% Mo.

In Hualiln, old aurierous district exploited since pre-hispanic periods, the mineralization is presented in veinsand also as a consequence o a replacement metasomaticin limestones ordovician produced by subvolcanics daciticsmiocene bodies; also there are bodies o breach. Thereserves reaches 270,000 tons and the grades o ores 10

g/t. Au. The potential o this deposit resides in the reservesthat could increase or the evaluation o other veins o thedistrict and or the existence o disseminated gold in thesubvolcanics bodies and in the sedimentary box.

Regarding the mining district Castao Viejo, is a vetiormmesothermal deposit o Pb-Zn Ag, which exploitation wasinitiated during the pre-hispanic period. The stone box iscomposed o volcano-sedimentary paleozoic stones andthe mineralization is related to tertiary quartz monzonite.Reserves were estimated in 614,000 tons with grades o ores

o 7.5% Zn, 7.4% Pb, 0.15% Cu and 72 g/t. Ag.

In the district o Marayes or Cerro Blanco, thereare mineralizations o Pb-Zn-Ag-Au o two types:veinds and o replacement. The veins are located inmetamortas (Caledonia mine) and in replacementbodies in limestone (Bella Blenda mine). In Caledoniathe grade o ore o gold reaches 20,8 g/t. in veins and2,2 g/t. in associated breaches.

The district o Tocota was explorated long ago, and

is considered as an epithermal aurierous deposit. Itconsists o veins o Au-Ag-As related to granodioritesand dacites. Although inormation o reserves is notavailable, the grade o ore reaches 20% As, 4-8 g/t. Auand 6-20 ppm Ag. It is an area with good perspectives,considering that dierent areas with hydrothermalalterations and volcanic breaches are associated, as wellas the intense magma and gondwana activity.

In Guachi the epithermal veins o Au are locatedin paleozoic stones, with contents o up to 25 g/t. Au.Inormation o reserves is not available.

Regarding the industrial minerals it should bementioned the main exploitation o clay, bentonite,quartz, sulur aluminum and magnesium.

Clay is obtained rom the deposits o San Jos andSan Juan and the bentonite rom the area o Barreal andMogna, Jchal Department.

The extraction o quartz, eldspatr and mica isconcentrated in pegmatite bodies o the Sierras o ValleFrtil, La Huerta and Pie de Palo, with a production in 1997o 9,747 tons, 2,571 tons and 120 tons, respectively.

The production o limestone is in the order o 1,2Mt. anually, concentrated in quarries located in San Juano the Andes (The Berros-Jchal). The same centers areproducers o calcite, with a production o 40,000 tonsannually and reserves in the order o the 5 Mt.

The deposits o dolomite are located in the sameAndes limestone strip, in the area o Villicn (quarry ElVolcn). Its main uses is the siderurgia industry and theproduction reaches the 0,5 Mt. annually.

The province has important reservoirs o dry stones,being the river- bed and the beach o San Juan river themost important ones.

San Luis:the mining potential o this province is relatedto its deposits o epithermal gold, massive suldes anddisseminated wolram.

The aurierous district La Carolina has a long-standing mining history and it has been exploited or

ages. Mineralization is associated with volcanic gapsand domes, probably based on the Pampean mountains.The gold is in pyrite orm and is related to breachedbodies with a typical alteration o the low suldedeposits. Mineralization is disseminated, in streaks andit is sometimes ormed by alluvial deposit. Even thoughthere are no reserves data, it has been determined that

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snowy and humid o the Patagonic Cordillera. The rstcorresponds to the south (Tierra del Fuego and south oSanta Cruz) and the other two correspond to the Andesarea (Santa Cruz and Chubut). The arid climate ischaracteristic o most o the territory (Neuqun, SantaCruz, Ro Negro and Chubut).

Economy: as o 1998, the production o metallierousminerals has been driven by the start-up o CerroVanguardia, one o three main projects in the contexto the boom o metal mining in Argentina.

Following 1997 gures, it is worth mentioning: coal(Santa Cruz), kaolin (Chubut), bentonite (Ro Negro),common salt and sodium sulate (La Pampa), as well asother non-metallierous minerals and rocks related to

the construction industry.

The main mining products are: bullon o gold andsilver, mineral coal, bentonite, kaolin, common salt,clays, rolling stone, construction sand, gypsum, rockygrindings and sodium sulate.

Mining Potential: the region hosts a variety o resources,ranging rom the energetic to the metallierous andnon-metallierous.

Large sedimentary basins such as Magellan, Gul oSan Jorge and Neuquina provide petroleum and gas.

The Nordpatagonic and Deseado massis containmetallierous deposits, mostly industrial minerals andapplication rocks. Both geologic units are signicantor the extraction o industrial minerals. For example,the southern area o the Nordpatagonic massi containsthe largest kaolin reserve in the country. The intenseextractive activity o application rocks is due to theimpact o the Mesozoic era in the region.

In the Southern Patagonic Cordillera, miningproduction is mostly related to the coal beds in RoTurbio. Towards the north o the Northern PatagonicCordillera and the south o the Main Cordillera, miningproduction is mostly related to metals and, to a lesserextent, industrial minerals.

the grades o ore in trenches are o between 1 and 3 g/t.Au, and o between 0.3 and 3.2 g/t. Au in drillings.

Las guilas is a Ni-Co-Cu deposit o the massivesulde type associated with mac and ultramac rocks,the latter o which is in the metamorphic oundation olow and medium degrees. According to metallurgicalstudies, the processing is technically viable. Total reservesare o 2,220,000 t. (proved + probable). The grades o orereach 0.51% Ni, 0.5% Cu and 0.035% Co.

In the district o La Florida, which has beenexploited or long, there is mineralization o veined anddisseminated W. Au and odd soil components are alsoound. Reserves are unknown, but the grades o ore varyrom 0.4 to 1.5% WO3.

With regard to industrial minerals and rocks, theprovinces main potential consists o pegmatite minerals(quartz, eldspar, beryl, mica), salt, limestone, graniticrocks and stone slab.

The exploitation o pegmatites is mainly concentratedin La Toma-Naschel. Reserves are over 3 Mt. and themost important mines are La Discutida, Beatriz, LaNorma, among others.

Other minerals that may be ound in the provinceare fuorite, garnets, vermiculite, gypsum, salt and clays.Limestone reserves are o as much as 8 Mt.

Stone slab deposits in Estancia Grande, El Duraznoand Totoral are a very important resource. Granite ismainly produced in the quarries known as La Peas, laTotora, La Lomita and Los Chorrillos.

Patagonia Region

The Patagonic Region (PR) comprises theprovinces o Chubut, La Pampa, Neuquen, Ro Negro,Santa Cruz and Tierra del Fuego, which add up to asurace area o 930,731 km2.

The climate is cold in the western, cordilleran area,and arid towards the center and south o the region.The various cold climates are known as Magellanic,

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With a ew exceptions, a proper valuation o thepotential o these resources is lacking, due to the absenceo specic technical studies.

Neuqun: the metallierous mining potential o thisprovince is determined by the copper porphyry depositsand gold mesothermal veins.

Campana Mahuida is a copper porphyry containingCu-Au-Mo related to magmatic chalko-alkalineCretaceous-to-Oligocene rocks and produces anintense hydrothermal alteration. In the oxidized area,4,700,000 t. with 0.73% Cu have been evaluated, while33,000,000 t. with 0.61% Cu have been evaluated inthe supergenic area, with uniorm grades o ore reaching2.3 g/t. Au and 132 ppm Mo.

In the mining district o Andacollo there are over50 mesothermal veins o gold. 60% o such gold isassociated to suldes and 40% appears to be ree.The two most important mines are Erika and Soa.The ormer is located in propylitized sedimentsbelonging to the upper Paleozoic; disseminated andveined mineralization consists o pyrite and nativegold. Reserves o 129,240 t. (positive + probable +possible) with grades o ore reaching 9.73 g/t. Au havebeen measured. There are very important potential

resources in this mine. In Soa, mineralization ogold is next to pyrite in our seams that penetrateinto the Tobas Ineriores and the Huarac Formationo the Upper Carbonierous; measurements haveshown an amount o 201,850 t. (positive + probable+ possible) and grades o ore reaching 15.64 g/t. Au.

La Voluntad is a copper porphyry deposit withdisseminated and stockwork mineralization o Cu-Mo.The estimated reserves are unknown, even though thereare indicative values o 0.2% Cu.

Regarding industrial minerals, the province standsout or its deposits o barite-celestite, limestone,gypsum, bentonite and clays.

Clays are concentrated south o Zapala (La Graciela,La Beatriz, Chita, among other mines). The districtreserves are over 10 Mt. and the annual production is oabout 64,000 t.

Bentonite in the Zapala area (El Beto, CerroBandera) corresponds to montmorillonite. The strataare o the tertiary era and production reaches 56,000 t.per annum (1997).

The combined production o barite-celestite iso about 8,500 t. The deposits, which belong to theMesozoic era and have a sedimentary origin, are locatedin the Departments o Loncopu, orquin y Picunchesand cover a surace area o 4,000 km. The Achalay, RoAgrio, Santa Barbara, 4 de Noviembre and La Ceciliabeds are worth mentioning. The geologic reserves o thearea are o more than 2 Mt.

Gypsum reserves are over billions o tons and arelocated mainly in the Auquilco Formation. In the Vaca

Muerta area, they are exploited to produce baked gypsum.

As or rocks, there is exploitation o tus and,sporadically, marble blocks.

Limestone is exploited in several levels. Thesecorrespond to the quarries o El Salitral, Los Catutos,Cuchillo Cur and Vaca Muerta. It is used or theproduction o lime and Portland cement.

In the Zapala and Picunches areas, construction

sand and debris are produced.

Santa Cruz:the metallierous mining potential o thisprovince is refected in the numerous areas containingdeposits o low sulding epithermal gold, as well as inpolimetallic and mesothermal veins.

In Cerro Vanguardia there is a system o epithermalaurierous veins located in the Chon Aike Formation(Baha Laura Group) and corresponding to the Jurassicera. Mineralized structures are the result o the lling o

ssures, and they add up to 90 km. long. The deposit iso the adularia-sericite kind (low sulding), with scarcehydrothermal alteration and low sulde content. About30,000,000 t. o reserves have been measured, and thegrades o ore reach 9 g/t. Au and 10 to 60 g/t. Ag. Thearea is ull o potential resources.

The epithermal aurierous deposit La Josena is othe adularia-sericite kind (low sulding). It consists o

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Other industrial mineral resources are barite (in theVanguardia area), kaoline (in the San Julian area, CerroRubio and Lote 8 mines), salt (Caadn Grande, LaLobera, La Voluntad, among others) and gypsum (SanJulin), although the production o all these minerals isless signicant.

The production o sand or construction and riprapis concentrated in Lobera and La Esperanza, and ismainly destined to Comodoro Rivadavia.

Chubut:in this province the metal mining potential isrepresented principally by polimetalic deposits.

With the mine name Angela is described thedistrict o Los Manantiales, which includes the veins

o Angela, Clara Natividad and Susana Beatriz. Theyare all covered with polimetalic veined deposits (Pb-Zn-Cu-Au-Ag) that are located in jurassic volcanites.The veins are o lled ractures and o replacement, andthe hydrothermal alteration in the stone o box is givenby pyritization, silicication and sericitization. Themineralization is located in jurassic volcanites o theAndes and they are connected in a sub volcanic bodyo cretaceous age. Reserves were calculated in 350,000tons o minerals proved with grades o ores o 5.6% Zn,2.9% Pb, 0.38% Cu, 50 g/t. Ag and 3,5 g/t. Au.

Cerro Gonzalo is an aurierous epithermal deposit,in which the disseminated mineralization is related to acretaceous batholith which includes volcanites rom theAndes and jurassic piroplastities. The mineralization andthe hydrothermal alteration are related to porphyriesdioretic granite. The alteration is represented bypotassium, clayish and turmalinic types. The reservescould be o 670,000 tons, and grades o ores weremeasured up to 5 g/t. Au, 92 g/t. Ag y 480 ppm Mo.

Huemules deposit presents veined mineralizationrelated to dikes rom the Andes and tertiary riolitics.There is hydrothermal alteration given by silicea,clayish, propilitic and piritic types, that constitute ananomaly o color. The reserves could be o 60,000tons with grades o ores o 8,3 g/t. Au, 20 g/t. Ag and1.5% Zn. They present good potentiality given by theextension o the area. Within the area, other aurierouspolimetalic prospectus are in the exploration stage.

a number o veins lled with open spaces which addup to 11 km. These veins are located in the same rocksthan Cerro Vanguardia. There is siliceous hydrothermalalteration, which coincides with topographic heights andcomes with sericitization and kaolinization. Chemicaltests perormed on surace samples have shown thatgrades o ore reach 1 to 8 g/t. Au.

Like Cerro Vanguardia and La Josena, ManantialEspejo is an epithermal aurierous deposit o theadularia-sericite kind (low sulding) with Au-Ag veinswhich reach as much as 2 km. Measured reserves are o885,000 t. whose grades o ore reach 9.62 g/t. Au and235 g/t. Ag.

In the El Dorado-Monserrat district there are about

30 aurierous veins o quartz and barite, o the adularia-sericite kind (low sulding). These are located involcanites in the Bajo Pobre Formation. The total lengthreaches 5 km. The amount o reserves is unknown, butgrades o ore reach 10.3 g/t. Au and 164.21 g/t. Ag.These quantities are variable, and the Au/Ag relationincreases in quartz and decreases in barite.

Laguna Guadalosa is an aurierous epithermal deposito the same kind as Cerro Vanguardia. It has multipleveins and it is almost 8 km. long. The amount o reserves

is unknown. Grades o ore vary rom 2 to 3 g/t. Au.

Arroyo Correntoso (also known as Laguna delDesierto) consists o a mesothermal vein o Pb-Zn-Ag-Cu-Au, characterized by disseminated mineralization.Reserves have been estimated to be o 3,000,000 t. withaverage grades o ore reaching 1,8% Zn, 0,5% Pb, 0,5%Cu, 0,6 g/t. Au and 5,5 g/t. Ag.

Ro Oro is a polimetallic veined desposit (Au-Ag-Pb-Zn-Cu) located in Neopaleozoic quartzites. Seventy (70)

km. south up to the lake Nansen area there is a strip oexploration avorable to the same sort o deposits. Thereis no inormation concerning reserves and grades o ore.

As or industrial minerals, the province counts withclay resources in the San Julian area, where reserves areo several millions o tons. These are loam reserves whichmake up part o the Baquer Formation, belonging tothe lower Cretaceous.

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Located in the Andes introduced by dacitics dikes,the deposit o Lake Fontana consists in polimetalicsmesothermal veins o Zn-Pb-Ag-Cu. Reserves wereestimated in 150,000 tons with grades o ores o 4.5%Zn, 1.6% Pb, 0.6% Cu, 14 g/t. Ag and 1 g/t. Au.

The main industrial minerals resources inChubut correspond to clay and kaolin, the provincealso has reserves o luorite, barite, gypsum and salt,among others.

Clays are concentrated in the area o the riverChubut. They are rom sedimentary origin, generatedrom or the alteration o volcanic stones. The depositso La Valeriana, Coln, Las Cars, Acrpolis and MesetaMontemayor are worth mentioning.

Kaolin concentrates which constitutes the maindistrict o the country in the valley o the river Chubut.It covers an area o 750 km2. In the mineralogicalcomposition appear the kaolinite, quartz and illite, withless content o halloysite and montmorillonite.

The deposits o limestone are located in the areao Comodoro Rivadavia (Sindicato, Arroyo La Mata,Fernandez Lagoon); in cretaceous sequences in thearea o Baha Bustamante (La Esther, 220 Mt), in the

departament o Gaiman (La Alicia), among others.

Among the ornamental stones, the production oporphyry in slabs and paving stones, o grey and red colors,belonging to jurassic volcano units should be mentioned.

La Pampa:saltworks are the sole current and potentialextractive industry available in the province. La Pampais one o the most important national producers o saltand has a strong potential o growth.

Sodium chloride is the best known and most exploitedmineral, although sodium sulate, gypsum, bentonite,construction sand and carbonatic rocks are also extracted.Other industrial minerals such as diatomite, quartz, redclay, calcite, eldespate and kaolin are almost not exploitedand there is little technical knowledge due to the lack oexploration and economic incentive.

La Pampa has been the main national sodiumchloride producer since 1912, with almost 55% othe national production. Several associated salts withindustrial potential such as sodium sulate, sodiumcarbonate, magnesium salt, potasium salt, lithiumsalt, bromide salt and gypsum are ound together withsodium chloride. The overall economic protability osuch minerals rests on the production, recovery andindustrialization scale o the exploitation.

Among the main sodium chloride salt depositso the province we can nd Salinas Grandes de Anzotegui, 24 km north o Ro Colorado and5km SE o the town o Anzotegui, Caleu-CaleuDepartment. It has an extention o 12km long anda width o 3km. Two hundred and ty (250,000)

tons o sodium chloride are harvested annually, witha concentration o 99,4%. Other important saltdeposits are Salina de Callaqueo, Salina El Chancho,Salinas Grandes de Hidalgo, Salinas Colorada Grandey Chica and Salina Salitral Negro.

Regarding sodium sulate, the main salt depositsare located in the center east region o the province, inGuatrach and General San Martn. La Pampa is the mostimportant sodium sulate producer o the country. It isworth mentioning that most saltworks which only produce

sodium chlorate would be also capable o producingsodium sulate. Salina Colorada Grande has a sodiumsulate reserve o 59 million tons and Salina de Hidalgoo about 7,3 million tons. Other sodium sulate depositsworth mentioning are lagunas de Guatrach, La Salitrosa,Depsito Villa Alba, La Ernestina and El Pioner.

Sodium carbonate is also an important resourse.The main sodium carbonate saltwork is Sulatera LaErnestina, located in the Utracn valley. It has knownreserves o 45,000 tons.

Gypsum can be ound in the Pueln and Cura Cdepartments, with estimate known reserves o morethan 50 millon tones o rt class mineral containingmore than 90% o SO4Ca.2 H20. La Pampa produces5 million cubic metres o gypsum boards anually.

During the 1970 bentonite deposits were discoveredin La Pampa. Exploitation commenced in 1979 in the

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Gypsum deposits o cretacic origin are located in theGeneral Roca department. The most important quarriesare Corral, La Estrella del Sud, Aguada Malleo, Galeanoand Pico Blanco.

Kaolin deposits are located in Los Menucos area.These deposits are rom hidrothermal origin, and areconcentrated in the southeast and southwest areas. Thesoutheast deposits occupy an area o 50 km2, located insequences o riolitic vulcanites. Don Sergio, Trinidad-Laurita, Blanquita, El Penasco y Nahuel Guerr are themain quarries. The southwest deposits occupy an area o45 km2, and the main quarries are Adelina, La Fortuna,Amanda and El Piliqun.

The main limestone deposits are Pailemn (3

Mt), Yaminu (4 Mt), San Antonio Oeste (1 Mt) andValcheta district (Lote 54, 0,9 Mt), this last togetherwith dolomite (0,3 Mt).

Tierra del Fuego: Beatriz mine is a deposit ovolcanogenic metamorphized polimetalic massivesuldes (Zn-Pb-Cu-Au-Ag), placed in a mesozoicvolcanic-sedimentary sequence with low grade regionalmetamorphosis (Yahgn ormation). Mineralizationis present in lenses and stockworks, and is related toriolitic sinsedimentary domes. Although reserves are

not estimated, mine samples gave grades o ore o0,9% Pb, 3,4% Zn y 40 g/t. Ag.

There are other areas in the province currently beingexplored, known as Arroyo Rojo, Sargent, Ro Hambre,Ro Encajonado, Gregores and Lago Guanaco. Terrainsamples gave grades o ore o 8,62% Zn, 1,79% Pb, 0,89%Cu, 0,4 g/t. Au y 37,2 g/t. Ag. There is an 11km stripbetween Sargent and Gregores, near Ushuaia, avorableto massive suldes, with the presence o riolites.

There are also rst class peat deposits oragricultural use.

Heavy minerals and gold in low proportions can beound in coastal alluviums.

Pueln Department. The mineral is utilized in smelterand oil industries.

Riprap can be ound in the eastern side o the province,which is mostly used or the construction o roads.

There are not conclusive evaluations supportingthe potential exploitation o any other minerals in LaPampa province.

Ro Negro:this province has epithermal to mesothermaldeposits o Pb-Ag-Zn, veined wolram and sedimentaryiron ore.

Gonzalito mine, toghether with Vicentito mine, Politomine, Maria Teresa mine and several others, are important

Pb-Zn-Ag-Mn-F mines. Gonzalito mine is a veinedepithermal to mesothermal deposit exploited during the1950, a result o racture llings and located in shales andproterozoic anbolites. Vicentito mine has an estimatereserve o 23,000 tons with grades o ore o 8,45% Pb.

San Martn veined wolram deposit is located in theSan Martn-Lloncura permotriasic granite stock. It hasestimate reserve o 45,400 to 250,000 tons with gradeso ore o 1,23% o WO3.

Sierra Grande mine is a sedimentary iron ore depositexploited until 1992. Estimate reserves reach 80,000,000tons with grades o ore o 54% Fe and 1,4% P.

Bentonite, diatomite, gypsum and kaolin depositsare the main reserves o the province. Fluorite, salt andclay can also be ound. Among rocks there are reserveso porphyry and potential reserves o block granite.

The main bentonite reserves are located in LagoPellegrini (Allen ormation).

Ro Negro is the most important diatomite producero the country. Diatomite is mostly used as a ltrant,absorbent and decolorant. Deposits are ound in lakeslocated in the 25 de Mayo department. Estimate reservesare o 1 million tons.

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26

5Mining activityin Argentina

> Current status. Projections

> Mining institutions

> Main mining projects

> Mining companies with investments

in Argentina

Current status. Projections

The mining industry in Argentina has experiencedan exceptional and rapid growth which has had a directimpact in the increase o mineral production, exports andemployment, and its development constitutes a tangiblealternative or the development o the national economy.

According to a recent publication o the NationalMining Department, during 2007 the investments inthe mining sector were over AR$5,600 millons withseveral new projects, resulting in an increase o 740% incomparison to 2003. Over 40,000 direct and 192,000indirect jobs were created, resulting in an increase o120% in connection to 2003.

Development projections or the mining industryin Argentina or the year 2015 are highly positive: (i)18 mayor exploitations; (ii) AR$38,500 million ininvestments; (iii) AR$28,000 million in exports; (iv)87,250 direct jobs; (v) 316,000 indirect jobs; and (vi) aproduction o AR$36.200 million.

Such projections together with an increasing globaldemand or precious metals, the regions great miningpotential, and a strong development o benet policies to thisindustry, have turned Argentina into a priviledged country

or mining projects, chosen by more than 23 countriesinvesting in mining exploration and exploitation.

Mining institutions

There are several national and provincial institutionsin Argentina grouping mining-related parties interestedin the development o mining activity.

Among national institutions, we will nd the:

CmaraArgentinadeEmpresariosMineros(CAEM). AsociacinObreraMineraArgentina(AOMA).

ConsejoAsesordelaProduccinMinera(CASEPROM).

FundacinparaelDesarrollodelaMineraArgentina

(FUNDAMIN).

On a provincial level we will nd:CmaraMineradeSanJuan.

CmaraMineradeLaRioja.


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CmaraMineradeSalta.

CmaradeEmpresariosMinerosdeChubut.

CmaraMineradeJujuy.

CmaraEmpresariaMineradeCrdoba.

CmaradelaPiedradelaProvinciadeBuenosAires.

Main mining projects

There are currently around 330 mining projects inArgentina. It can thereore be established that miningactivities are o great importance or the developmento the country. Mining projects have promoted thecreation o services, inrastructure, employment andother progress-provider externalities.

Several mining projects can be mentioned:

Pirquitas (Province o Jujuy)Operated by:Silver Standard Resources Inc. (Canada).Minerals:silver, lead and zinc.Stage:Final stage o construction.Initial investment:USD 220 million.

El Aguilar (Province o Jujuy)Operated by: Compaa Minera El Aguilar S.A.(Glencore AG)

Minerals:lead, zinc and silver.Stage:Production.Estimated investment:USD 155 million.

Diablillos (Province o Salta)Operated by:Silver Standard Resouces Inc.Minerals:silver and gold.Stage:Exploration.

Taca Taca(Province o Salta)Operated by:Global Cooper Corp. (Canada).

Minerals:copper, molybdenum and gold.Stage:Exploration.

Agua Rica(Province o Catamarca)Operated by:Minera Agua Rica LLC Argentina Branch,subsidiry o Yamana Gold Inc. (Canada).Minerals:copper, molybdenum and gold.Estimated investment:USD 3,000 million.Etapa:Feasibility.

Bajo La Alumbrera(Province o Catamarca)Operated by:Minera Alumbrera Limited (consortiumofXstrataCooper(Swiss,50%),Goldcorp(37.5%)and

Yamana (12.5%).Minerals:copper, gold and molybdenum.Estimated investment:USD 1,240million.Stage:Production.

Faralln Negro (Province o Catamarca)Operated by:Yacimientos Mineros de Agua de Dionisio.Minerals:gold, silver and manganese.Stage:Production.

Salar del Hombre Muerto (Province o Catamarca)Operated by:Minera del Altiplano S.A. (FMC LithiumCorp., subsidiary o FMC Corporation, USA).

Minerals:lithium.Stage:Production.

Casposo (Province o San Juan)Binational project.Operated by:Troy Resources NL (Australia).Minerals:gold and silver.Initial investment:USD 45 million.Stage:Exploration and economic easibility studies.

El Pachn (Province o San Juan)

Operated by:PachnS.A.Minera(subsidiaryofXstrataCooper).Minerals:copper and molybdenum.Estimated investment:USD 2,166.66 million.Stage:Pre-Feasibility.

Gualcamayo (Province o San Juan)Operated by:Minas Argentinas S.A. (Yamana).Minerals:gold and silver.Estimated investment:USD 150 million.Stage:Production.

Pascua Lama(Province o San Juan)Argentina-Chile binational project.Operated by: Barrick Exploraciones Argentinas S.A.(Barrick Gold)Minerals:gold and silver.Estimated investment:USD 2,583.33 million.Stage:Feasability / Obtention o permits.


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Veladero (Province o San Juan)Operated by:Minera Argentina Gold S.A., subsidiaryo Barrick Gold Corporation (Canada).Minerals:gold and silver.Estimated investment:USD 646 million.Stage:Production.

Potasio Ro Colorado (Province o Mendoza)Operated by:Vale Do Ro Doce (Brazil).Minerals:potasium.Estimated investment:USD 2,333.33 million.Stage:Feasibility.

San Jorge (Province o Mendoza)Operated by:Coro Mining Corporation (Canada).Minerals:copper and gold.

Estimated investment:USD 300 million.Stage:Analisys by the corresponding authority o theEnviromental Impact Report or Exploitation Stage.

Calcatreu (Province o Ro Negro)Operated by:Minera Aquiline Argentina S.A., subsidiaryo Aquiline Resources Inc. (Canada).Minerals:gold and silver.Stage:Feasability.

Navidad(Province o Chubut)

Operated by:Aquiline Resources Inc.Minerals:silver, lead and zinc.Stage:Exploration -Pre-easibility.

Cerro Vanguardia(Province o Santa Cruz)Operated by: Cerro Vanguardia S.A. (AngloGoldAshanti Ltd, 92.5%, and FO.MI.CRUZ S.E., minorityshareholder, with the 7.5%).Minerals:gold and silver.Estimated investment:USD 382.33 million.Stage:Production.

Manantial Espejo (Province o Santa Cruz)Operated by:Minera Triton Argentina S.A., subsidiaryo Pan American Silver Corp.Minerals:silver and gold.Estimated investment:USD 200 million.Stage:Production.

San Jos - Huevos Verdes (Province o Santa Cruz)

Operated by:Minera Santa Cruz S.A., a joint ventureo Mauricio Hochschild & CIA S.A. (Peru) and MineraAndes S. A. (Canada).Minerals:silver and gold.Estimated investment:USD 103.33 million.Stage:Production.

Mina Martha (Province o Santa Cruz)Operated by:Coeur D Alene Mines Corp. (USA).Minerals:silver and gold.Estimated investment:USD 18 million.

Stage:Production.


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Mining companies with investments in Argentina

Following you will nd a list o mining companies currently engaged in mining activities or mining projectsin Argentina.

COMPANy

Admiralty Resources Nl

Alexander Mining Plc.Amera Resources Corp.

Andean Resources

Anglo American Plc.

Antares Minerals Inc.

Antoagasta Minerals Plc.

Apex Silver Mines Limited

Argentex Mining

Atw Venture Corp.

Aur Resources Inc. (Teck Cominco Limited)

Barrick Gold Corp.

Cardero Resource Corp.

Castillian Resources Corp.

Coeur D Alene Mines Corp.

Chapleau Resources Ltd.Compaa Minera Solitario Argentina S.A.

Consolidated Pacifc Bay Minerals

Coro Mining Corp.

Depromin S.A. (Tenke Mining Corp.)

El Portal Resources Ltd.

Exeter Resource Corp-Estelar-Cognito

Global Cooper Corp.

Mauricio Hochschild

Ima Resources

Investor Resources Ltd.

Mansfeld Minera S.A.

Marifl Mines Limited

Mega Uranium Ltd.

Minas Argentinas/Yamana Resources-ViceroyMinera Andacollo Gold S.A.

Minera Andes Inc.

Minera Aquiline Argentina S.A.

Minera Del Altiplano S.A.

Minera Teck Cominco Argentina

Mirasol Argentina S.R.L.

Palladon Ventures Ltd.

Pan American Silver Corp.

Patagonia Gold Plc

Rio Doce Argentina S.A.

Rome Resources Ltd.

Silver Standard Resources Inc.

Solex Resources Corp.

South American Minerals Inc.

Southwestern Resources Corp.

Stealth Minerals

Strategic Resources

Tnr Gold Corp.

Uranio Ag

Urex Energy Corporation

Wealth Minerals Ltd.

Xstrata Cooper

Yamana Gold Inc.

MINING PROJECTS

Salar del Rincn (Salta)

Len (Salta)Mogote (San Juan)

Cerro Negro (Santa Cruz)

No projects in Argentina / Proyects in Brazil, Chile, Peru.

Ro Grande (Salta)

No projects in Argentina / Projects in Chile, Ecuador, Zambia and Pakistan

Quevar and Chinchilla (NW o Argentina)

Owns 14 mines in Santa Cruz and 18 in Ro Negro

Los Amarillos, Los Amiches (San Juan)

No projects in Argentina / Development o exploration in South America

Veladero (San Juan)

Huachi (San Juan)

San Luis and Las guilas (San Luis)

Mina Martha (Santa Cruz)

No projects in Argentina / Projects en Brazil and PeruEl Salto (San Juan)

Cueva del Chacho (La Rioja), Cerro Solo (Chubut)

San Jorge (Mendoza)

Vicua, Batidero, Jos Mara, etc. (San Juan)

Tigre (Mendoza), La Pampa and Arroyo Verde (Chubut),

La Cabeza (Mendoza), Cerro Moro (Santa Cruz)

Taca Taca (Salta)

San Jos - Huevos Verdes (Santa Cruz)

Las Flechas (San Juan)

Jaguelito (San Juan)

Ro Grande (Salta)

Amarillo, Carrizal, Manantiales (San Juan)

Concarn I, San Martn I and II (San Luis)

Gualcamayo (San Juan)Buena Vista, Erika, Soa, Julia (Neuqun)

Los Azules (San Juan)

Calcatreu (Ro Negro)

Salar del Hombre Muerto (Catamarca)

Development o mining prospects (San Juan)

Development o mining prospects (San Juan)

Guadalosa, Tres Hermanas, Gran Bajo, Ro Deseado (Santa Cruz)

Manantial Espejo (Santa Cruz)

La Manchuria (Santa Cruz) and Huemules (Chubut)

Rincn de los Sauces (Neuqun)

Varvarco (Neuqun)

Diablillos (Salta), Pirquitas (Jujuy)

No projects in Argentina / Development o projects in Peru

No projects in Argentina / Development o projects in Guyana

Development o projects in Peru

Development o projects in Canada

Guanchn, Cuesta de Miranda, Rincn de los Pez (La Rioja)

El Tapau, Los Azules, El Salto, La Hortiguita, Las Carachas, Batidero (S. Juan)

Owns mines in San Luis and La Rioja

Ro Chubut (Chubut)

Diamante-Los Patos, Ambalayo & Alemania (Salta), San Jorge (Chubut)

Bajo La Alumbrera

Agua Rica (Catamarca)

COUNTRy

Australia

United KingdomCanada

Australia

United Kingdom

Canada

Chile

USA

Canada

Canada

Canada

Canada

Canada

Canada

USA

CanadaCanada

Canada

Canada

Canada

Canada

Canada

Canada

Peru

Canada

Australia

Canada

Canada

Canada

CanadaChile

USA

Australia

USA

Canada

Australia

USA

Canada

United Kingdom

Brazil

Canada

Canada

Canada

USA

Canada

Canada

USA

Canada

Switzerland

USA

Canada

Switzerland

Canada

Documents

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