Buenos Aires Times

economy US$18B hangs in the balance, miners claim

Macri to lead charge on "Glaciers Law" reform

Extraction projects have stalled in Andes mountains since 2010 because of restrictions set out in the existing law. Mining leaders and unions want deregulation and greater clarity to encourage investment.

Wednesday 15 November, 2017
Stock photo of the Andes Mountains range
Stock photo of the Andes Mountains range Foto:Julinied-WikiCommons

More Economy News

The Mauricio Macri government is warming up for another heated battle over law reform, this time regarding the so-called “Glaciers Law” which has effectively stalled extraction projects in Argentina’s rich Andes mountains region since 2010.

The plan would soften existing restrictions on mining projects by implementing an arbitration process that would seek to strike a balance between environmental protection and economic activity, the La Nación newspaper reported.

President Macri yesterday met in Government House with Barrick CEO Fernando Gioannoni; business leaders including Eduardo Elsztain and Carlos Miguens; head of the CAEM mining chamber Marcelo Álvarez; unionists; and environmentalists. He was joined by his Energy and Mining minister Juan José Aranguren and Labour Minister Jorge Triaca.

A potential US$18 billion worth of investment in the country’s mining sector depended on reforms to the Glaciers Law, the business and mining sector leaders told Macri.

Any drastic modifications to the “Glaciers Law” is set to be met with fierce resistance from environmentalists.

In 2008, then president Cristina Fernández de Kirchner experienced backlash over her veto of a law to increase environment protections, prompting criticism even from within her own left-leaning government. 

The subsequent 2010 law was a compromise over two similar proposals. However, much of the legislation remains unimplemented.
Proponents of the changes, including many voices from within the union movement, say reform is needed to clarify uncertainties surrounding the law and to encourage investment.

-TIMES

Poll

Op-Ed

Top Stories

  1. 1'Suspected anarchists' carry out two attacks in Buenos Aires; Police arrest 13'Suspected anarchists' carry out two attacks in Buenos Aires; Police arrest 13
  2. 2Standard and Poor's cuts Argentina debt rating
  3. 3Government seeks currency swap from China to boost reserves
  4. 4Techint boss paid Kirchner officials to chase indemnity from Chávez gov't: testimony
  5. 5IMF predicts brighter Brazil economy in 2018-2019
  6. 6New global fertility study reveals 'baby bust' in richer countries
  7. 7Magical Messi, a talent both abstract and unique
  8. 8Police suspect 12-year-old girl's suicide linked to WhatsApp terror game Momo
  9. 9ARA San Juan: Relatives of missing officers call on Ocean Infinity to search new site