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Title : Argentina's government floats the nationalization of its mining industry
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Argentina's government floats the nationalization of its mining industry

It was only a matter of time. Argentina's Environment Minister Juan Cabandié in the house (translated):

"I don't agree with mega-mining, but at the same time I understand that even the chairs on which we're sitting today have mineral origins. Therefore, what we have to change is the way in which we do mining. If we had a robust State mining company, we would be able to control the means so that it doesn't leave environmental health hazards.

"But I have an Australian or Canadian mining company that comes for 10 years, extracts according to its agreement and other things, we get tax revenue from a simple declaration of mine gate output. They leave me environmental hazards and pollute the water. This is where I agree with many people, that water is more important and gold.

"We enter into a contradiction: Many of the things we have are of mineral origin. The discussion we we need to have is that the mega-mines affect us all; some make profits and remit out the country, others generate very low tax revenues in relation to their margins. If we had a State mining company, all this would be different."

Expect to hear a lot more on this subject as 2020 rolls out in Argentina. A lot of people up North seem to forget the country elected a left wing government last year. They get the rude awakening, IKN readers will be prepared.

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