Doing Mining Business English

Doing Mining Business in Argentina
PASTORIZA EVINER CANGUEIRO RUIZ BULJEVICH ABOGADOS
Index
1. Legal Aspects
> Mining Code: fundamental principles > Ownership over the mines > Classification of Mines > Exploration or Prospecting > Discovery Manifestation > Conditions for the protection of the concession 3 3 3 4 4 5 6 8 10 12 12 14 16 17 21 26 26 26 27 29
2. Tax Incentive Schemes: Law N 24,196 of Mining Investments 3. Environmental Protection 4. Mining Regions in Argentina
> Northwest Region > Northeast Region > Middle Region > New Cuyo Region > Patagonic Region
5. Mining Activity in Argentina

> Current status. Projections > Mining institutions > Main mining projects > Mining companies with investments in Argentina
The purpose of the following Doing Mining Business in Argentina is to provide information to those seeking to invest in Argentina. It is hereby expressly understood that no individual or entity shall act or refrain from acting exclusively based on the information and comments expressed herefrom. For that reason, we recommend that each transaction be analized and examined by competent professionals.
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Legal Aspects
> Mining Code: fundamental principles > Ownership over the mines > Classification of Mines > Exploration or Prospecting > Discovery Manifestation > Conditions for the protection of the concession
Mining Code: fundamental principles At federal level, mining is specifically regulated by the Mining Code (MC), enacted through Law N 1919 of November 25, 1886, and in force since May 1, 1887. The main objective of the MC is to regulate the attribution of the original ownership of the mines, as well as the legal relationships generated by their appropriation and exploitation. As set forth by Article 75, Section 12, of the National Constitution, there is one MC for the whole country. Depending on the location of the mining resources, the MC will be enforced by federal or provincial authorities. Since 1887, the MC has been amended several times. In the 1990s, many mining regulations were issued, following a process which sought to stimulate the development of the mining industry in Argentina 1. Through laws aiming at the protection and encouragement of the mining activity and investments, the Argentine Government has committed itself to ensure national and foreign corporations that their acquired rights will be respected. The MC sets forth the general legal framework as well as the procedures for the acquisition and extinction of said rights. Provinces, on the other hand, establish the procedural rules to exercise such rights before the relevant mining authorities.
Ownership over the mines Article 2 of the MC establishes that mines are private assets of the federal government or the provinces, depending on where they are located. In that sense, the State has assumed the original ownership over natural
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 of Geological and Thematic Cards, it institutionalizes the Federal Mining Council, and its sets new values for the mining royalties; (iii) Law N 24,228, Federal Mining Agreement: it ratifies the agreement celebrated between the Federal Government and the Provinces to attract foreign investments, harmonize local procedures and keep the Mining Record updated; (iv) Law N 24,498, Mining Update: it amends several sections of the MC; (v) Law N 24,585, Environmental Protection for the Mining Activity: it introduces a supplementary section in the MC regarding the protection of the environment; (vi) Decree N 456/97, Reordering of the MC: it ratifies the amended text of the MC.
DOING MINING BUSINESS IN ARGENTINA
resources, aiming at their preservation. Mining is regarded as a matter of public interest. The State allows private persons to search for mines, exploit them, and dispose of them as owners, in strict accordance with the MC. According to the MC, private persons may exploit mines through legal concessions. Concessions are exclusively regulated by law, which means that mining authorities may not impose conditions other than those strictly established in the MC. The right granted by the concession is exclusive, transferable, free of charge and of unlimited duration, as long as the conditions of mining protection established in the MC are fulfilled by the licensee. The concession allows the licensee to become the owner of the mineral resources existent within the area granted for the exploitation.
mineral stone or earth products and, in general all the output and materials which are used in construction and decoration, the whole or a set of which makes up a quarry.
Exploration or Prospecting Prospecting (cateo) is the permit granted to those interested in exclusively exploring a certain area, for the period of time and extension determined by law. Exploration is not a necessary or mandatory step in the mining process, since a concession may be granted following a direct discovery. However, illegal explorers, who lack a permit, are sanctioned. As the legal form of mining exploration, prospecting is very important since it constitutes the naturaltechnical process to determine the existence of an economically and technically exploitable bed. The measurement unit (MU) is the minimum surface over which a prospecting permit may be granted, consisting of five hundred (500) hectares. Prospecting permits may cover up to twenty (20) MU. At the same time, they may not exceed four hundred (400) MU per person in each province. The procedure to acquire a prospecting permit may be summarized as follows: Request: It is filed before the competent mining authority, and it must contain: The coordinates of the vertexes of the requested area, expressing the purpose of the exploration. Name and address of the petitioner and of the land owner. A minimum plan detailing the works to be done, estimating the projected investments and indicating the elements and equipment to be used. Sworn statement declaring the inexistence of any of the prohibitions contained in articles 29, second paragraph 2 , and 30, fifth paragraph 3 , of the CM. Evidence of the provisional payment of the requested units mining royalties.
Classification of Mines Article 2 of the MC classifies mines according to their nature, economic importance and type of mineral discovered. Three classes are established: First Class Mines: These mines belong exclusively to the State and can only be exploited through a legal concession granted by the competent authority. The soil is 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 their importance, are preferably granted to the owner of the soil; and (ii) mines which, due to the conditions of their bed, may be exploited by anyone without having to obtain a concession. This class includes metallic sands and precious stones found on river-beds, on the banks of water courses, or at the facilities of abandoned mines; saltpetres, salines and peat bogs, among others. Third Class Mines: These belong exclusively to the owner of the surface below which the mine is located, and they cannot be exploited without such owners consent, with the exception of reasons of public use. This category comprises
2. MC, Article 29, 2nd paragraph: Permits shall be granted for up to twenty units. No more than twenty permits, and no more than four 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 of it may not be granted to the same person, or its partners, or an intermediary. Between publishing the expiration of a permit and requesting another one, a period of at least one year must elapse. Within ninety days of the expiration of the permit, the mining authority may demand the presentation of the information and technical documents gathered during investigations; the breach of this prescription shall be sanctioned with two times the paid royalty.
Time and date of the filing stamped at the bottom of the request document: This allows the determination of priorities. Registration Number: Given by the mining authority to identify the request. Location: The location of the request in the plans is in charge of the Graphic Registry (Registro Grfico, technical office depending on the mining authority). Its main functions are: To identify the prospecting in the plans To inform the authority whether it is a free area or not This information must be obtained within five (5) days. Registry: If the request is adequate, it is sent for registering purposes to the Explorations Registry kept by the mining notary. Notification: The request, and all related documents are notified and sent to the land owner and published for two days in the Official Gazette within ten (10) days. Opposition: Within twenty (20) days from the last day of publication in the Official Gazette, the land owner or anyone who might have the right to oppose, may do so in writing. Guaranty: If requested by the land owner, a guarantee deposit must be deposited. Concession: If no opposition is filed, or the opposition is solved, the license is awarded by the mining authority. The license allows its holders to prevent, in that area, the exploration by third parties or the State. Moreover, the licensee becomes owner of the discoveries that, without its consent, others may have made in the licensees area. The holder of the exploration license should fulfill the following obligations: Payment of a royalty for each requested MU: at the time of request and on a provisional basis. Its value
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is of four hundred pesos (AR$400, nearly USD 130) per MU of 500 hectares or less. Declaration of the exploration works to be installed as described in the request, within thirty (30) days of the license awarding. Apply before the mining authority for the authorization to differ the installation of the exploration works or interrupt of the exploration works when there is justified cause. Completion of the informed working plan. Compensate the land owner for any damage caused by the exploration work. Upon request by the mining authority, filing of the obtained information and documentation within ninety (90) days from the expiration of the license. Failure to fulfill this requirement is punished with a fine. The duration of the licence is of one hundred and fifty (150) days for the first MU, adding fifty (50) more days for each additional MU. After three hundred (300) days of the expiration of the license, an equivalent to half of the land exceeding four (4) MU must be vacated. After seven hundred (700) days of the expiration, half of the remaining land has to be vacated. The owner of the license has to file a petition to liberate the licensed area before the expiration of the referred periods, indicating the coordenates of the vertexes of the vacated area. The lack of timely application will authorize the mining authority to liberate the areas to its criteria, and to apply a fine to the licencee equal to the royalty paid. The term of the licence will commence thirty (30) days after being granted. The mining authority may revoke the exploration licence, as a consequence of its own investigation or after a complaint of the land owner or a third party, in the following cases: If the installation of exploration works is not finished within thirty (30) days. If the works are interrupted after being commenced. If the minimum working plan is not accomplished.
Discovery Manifestation Article 44 of the MC establishes that mines are acquired through a legal concession awarded by the
competent authority. Discoveries and expired or vacant mines are subject to concessions. There will be a discovery when by means of an authorized exploration, or accidentally, a nonregistered bed is found. Therefore, the explorer may have access to the exploitation of a bed both through a prospecting permit as well as a direct discovery. In both cases, a manifestation of discovery must be made before the local mining authority, pursuant to the requisites established in the MC, which are shortly indicated below: The discoverer must submit a document to the mining authority manifesting the discovery, enclosing a sample of the mineral. The discoverers personal information must be indicated in the document, as well as the name that the mine will be given and the reference point of the discovery. The name and mineral of the neighboring mines and to whom those lands belong must also be informed; determining therefore an area of up to the double of the maximum possible extension of the exploitation concession. Once the application has been filed, the time and date are stamped at the bottom of the request document. This will determine the priority of the manifestation of discovery, in relation to those which may have been filed by others. Such information is given to the mining authority of exploration, that will evaluate if the application falls over open land or not, notifying the interested person. Following the referred filing, the notary of mines proceeds to register the manifestation in the protocol book that must be kept for such purpose. The registration is the most important act among the procedures of the mining concession, because it grants the legal concession of the mine, giving authorization to the applicant to take possession of the land and start the exploitation. The applicant must publish the discovery in the Official Gazette, to enable third parties to file oppositions to the discovery.
The person who manifested the discovery is obligated within one hundred (100) days as from the date of the registration, to make the legal work necessary to obtain the characteristics of the discovery, such as its direction, inclination and thickness, and the kind of mineral discovered. Upon expiration of the legal labor period and up to thirty (30) days thereafter, the discoverer must apply for the marking of its possessions that integrate the mine. The application and its response must be published in the Official Gazette. Once the land marking has been applied, the mining authority orders the registration in the files, giving copy to the interested person as a title of ownership. Thus, the mining procedure is completed. Finally, and also pursuant to Article 44 of the MC, mines are acquired by virtue of the legal concession granted by the mining authority over those mines which have expired or which are vacant. These mines are those which, having had an owner that discovered them, have been declared to expire. This sort of legal concession does not depend on the will of the mining authority, but of the fulfillment of the requisites strictly established in the MC.
Conditions for the protection of the concession In order to lawfully maintain the mining rights, the MC imposes on the licensee different conditions of protection which are mandatory: (i) the payment of an annual licence, which is periodically adjusted by a federal law; and (ii) the fulfillment of an investment plan during the term of five (5) years from the year when the petition of mine measurement was filed. Payment of the annual royalty is a condition of protection of the concession that reflects the will of the licensee to maintain the ownership of that concession. It must be paid in advance and by equal amounts in two semesters or a smaller fraction, which expire the 30 of June and the 31 of December of each year.
The amount of the royalty is fixed by a law passed by the National Congress, depending on the category of the mine. Currently, it is fixed by Law N 24,224 of mining reorganization 4 . The value of the royalty is established depending on the category of the mine. The discoverer is exempted of the payment of the royalty for three (3) years from the date of registration of the mine. In case of nonpayment of the royalty, and upon expiration of a twomonth grace period, the mining authority will request for the payment in forty five (45) days. If the licensee fails to pay in term, the mining authority will declare the expiration of the right, registering that mine as vacant. Likewise, and as a condition of protection of the mining concession, the MC establishes that
within the term of one (1) year counted as from the request of exploration, the licensee must present to the mining authority a plan with the amounts of the fixed capital investments that are to be made for the execution of labor work, building of camps, pathways and auxiliary works for the exploration, machinery acquisitions, among others. These investments must be made within the first five (5) years since the plan was presented, and the amount of the investments may not be lower than three hundred (300) times the annual royalty that corresponds to the mine according to its class and to the number of possessions. In the hypothesis that the investment was not timely made, the mining authority may declare the concessions expiration.
4. Law of Mining Reorganization, as amended by Decree N 456/97 (Published 30/05/97).
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Tax Incentive Schemes: Law N 24,196 of Mining Investments
The Law of Mining Investments (LMI) 5 was enacted with the purpose of compensating the risk that companies face when developing mining project in the country. This is achieved by creating a promotion and incentive scheme for the mining activity, by establishing tariff benefits and by lowering investment taxes. It is worth mentioning that the benefit regime can only be applied by provinces that have adhered to such regime by the enactment of the corresponding provincial law, pursuant to Article 4 of the LMI. The investment regime covers the following mining activities: Prospecting, exploration, development, preparation, and extraction of minerals comprised in the MC. The process of crushing, milling, pelleting, sintering, briquetting, primary elaboration, calcinations, melting, refining, sawing, carving, polishing, and burnishing. These processes are only covered if they are done by the same economical unit and are regionally integrated with the activities described in the previous clause (i), according to the availability of the necessary infrastructure. Among the benefits granted by the LMI, it is noteworthy necessary to highlight the benefit of Tax Stability (Estabilidad fiscal) for thirty (30) years, starting on the submission of the corresponding feasibility report. This benefit extends to the national, provincial and municipal levels, as well as to customs and foreign exchange matters. In relation to the income tax, the LMI establishes deductibility benefits (Doble Deduccin). Mining companies may deduct from their income tax statement one hundred percent (100 %) of the amounts invested in prospecting, special research, mineral and metallurgical test, pilot plants, applied research and other works performed destined to determine the technical and economic feasibility of the project. Such deductions are additional to those allowed by the background legislation that governs the reference tax.
5. Law of Mining Investments, as amended by Decree N 2686/93 (Published 03/01/94).
At the same time, the LMI authorizes the repayment of income tax originated in new capital investments or in the enlargement of the productive capacity of existing investments. The companies under this regime can choose between the traditional income tax repayment regime or a special repayment regime which include equipment investments, civil works and construction, among others. Regarding Value Added Tax (VAT), on 2001 the VAT refund to mining exploration was granted(Devolucin del IVA a la Exploracin Minera).
This allowed the exploration companies to carry out imports, acquire goods and services, and enjoy the refunding of tax credits resulting from such operations. It is also important to mention: (i) the possibility of making an appraisal of mineral reserves and capitalize up to fifty per cent (50%) of such appraisal for accounting matters; (ii) import rights payment exemption for capital goods, special equipment, and ancillary equipment; and (iii) the establishment of a maximum three per cent (3%) mining royalties that can be charged by provincial governments.
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Environmental Protection
Law N 24,585 6, which came into effect in the year 1995, incorporated a complementary Title in The Mining Code relative to the Environmental Protection for the Mining Activity. It also recognized the Complementary Regulations approved by the Federal Mining Council (COFEMIN), completing in this way the principles sustained in Article 41 of the National Constitution, by setting a legal regime which premise is to preserve the right of all inhabitants to enjoy a healthy and balanced environment in the development of economic activities and processes that support them. Law N 24,585 has established in the MC the necessary instruments for environmental administration of mining activities. They are the following: (i) Environmental Impact Report (EIR): its presentation is compulsory for the mining activity holders, before the initiation of operations; and (ii) Statement of Environmental Impact (SEI): statement issued by the Authority as an approval to the corresponding EIR. Consequently, the current environment mining management is based on the following legal regime: The National Constitution. Title XIII Section Second of the MC. 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 authority of the Title XXI Section Second of the MC. The Implementation Provincial Decrees of the Supplementary Regulation and Resolutions of institutional character and of administrative internal procedure that complete the environmental mining management. Law N 24,585 covers the following activities: Prospecting, exploration, exploitation, development, preparation, extraction and storage of mineral substances.
6. Law N 24,585, Environmental Protection for the Mining Activity, as amended by Decree N 456/97 (Published 30/05/97).
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Crushing, milling, extracting, pelletization, sintering, briquetting, primary manufacturing, calcination, melting, refinement, stone sawing, facetting or cutting, polishing processes and any other process as it is derived from new technologies, as well as the management and disposal of any kind of waste. The regulations also take into account the centralized and decentralized entities, and the national, provincial and municipal State companies that develop activities described ut-supra. In damage matters, Law N 24,585 establishes that anyone performing mining activities shall be responsible for all environmental damage that is produced as a result of the non-fulfillment of the regulations. It is irrelevant whether the damage is caused directly by themselves or indirectly by persons
under their control, or whether it is caused by the the risk or vice inherent to the activity. Likewise, the holder of the mining right is jointly responsible, in the same cases, for the damage caused by persons involved in the mine exploitation. According to the Environment Mining Management Procedure it is established that, before the beginning of mining activities subject to regulations, companies must present before the application authority an EIR. The application authority evaluates and approves the EIR by means of an SEI, for each of the effective implementation stages. The SEI must be updated twice a year, having to submit a report containing the results of the environment protection actions that were executed, and detailed information of the new possible events that may have been produced.
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Mining Regions in Argentina
> Northwest Region > Northeast Region > Middle Region
Argentina has an enormous mining potential in minerals of diverse composition, throughout its entire territory. Such reserves enable Argentina to be a strong regional supplier and to actively participate in the international markets. The following section will describe, in detail, the characteristics of the main mining regions in the country, which are the Northwest Region, Northeast Region, Middle Region, Nuevo Cuyo Region and Patagonia Region, as informed by the National Secretariat of Mining.
Northwest Region > New Cuyo Region > Patagonia Region The provinces of Jujuy, Salta, Catamarca and Tucuman make up the Northwest Region, extending over 333,833 kilometers. It is located between 21 and 30 latitude south and between 69 and 62 longitude west. The climate of this region is dry to the west and warm to the east. Economy: this region plays a starring role in the mining business due to the Bajo de la Alumbrera (copper and gold) and Salar de Hombre Muerto (lithium) projects. Due to the accelerated growth in the production of metallic minerals, the Northwest Region has become very 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, lithium salt and its secondary products (borax, boric acid, etc.), clay, limestone, sand, rolling stone, granite, gypsum, cobble, peat, grinded rocks, perlite, rhodochrosite, sodium sulfate, sandstone and mica. Mining Potential: the Northwest region is rich in deposits of great economic value. In this sense, it is worth mentioning the first copper porphyry deposit (Bajo de La Alumbrera -Cu-Au-) and the exploitation of lead, silver, zinc and lithium sand. The evaporites hold a distinct place in the mining business of the Northwest Region, especially the enormous borax reserves, which are exclusively
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located in this region. Other industrial minerals of importance are: perlite, diatomite, salts, mica, limestone and flourite, among others. The oil and gas deposits at Campo Durn (Salta) are very important to the region as well. As for the sedimentary continental Cenozoic basins, the region is known for its evaporative associated deposits of rock salt and borax. Likewise, it is important to mention the recent salt deposits, that have potential for sulfates and lithium salts, sodium and potassium. Please, find a detail description of the mineral resources and the mining potential in each province that make up the Northwest Region hereinbelow. Jujuy: the province of Jujuy is rich in metallic and industrial mineral sites. El Aguilar is a distinct sedimentary exhalative deposit, which has mineralization cloaks of Pb, Zn, Ag y Ba, interspersed in ordovician sediments and they are affected by the contact metamorphosis, forming pockets rich in skarn mineralization. The grades of ores reach 8.4% Zn, 5.5% Pb y 120 g/t. Ag. This mine has been producing since 1936. The total reserves exceed 25 Mt. Pirquitas is another important deposit in the province, being an epithermal compound of Sn and Ag, with grades of ores of 6,57 oz/t. Ag and 0,49% Sn, with reserves that exceed 15 Mt, located in ordovician sediments. It is currently at the construction stage. The veined alluviums auriferous deposit of the Mountain of the Santa Catalina-Rinconada holds historical value in this province. As for the industrial minerals, it is worth mentioning the borax deposit Loma Blanca, laying in the lacustrous fossil cloaks, with grades of ores of 13,5% B203 and reserves of 20 Mt. The boraciferous cloak has an average thickness of 50 Mt. Among the most important salt deposits, the production of Salinas Grandes must be mentioned. The western portion of these deposits is located in the
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province of Salta. Olaroz and Cauchari are examples of other salt deposits. Salta: from an economic standpoint, this province is rich in deposits of industrial minerals, especially borax, diatomite, salts, barite and perlite. Salta has numerous evaporative basins of interest, among them the Salares del Rincn, Pocitos y Arizaro, exploiting salt and sulfates. Salt and borax are extracted from Salar de Pastos Grandes, Centenario, Ratones, Diablillos y Pozuelos. This last salt deposit also contains lithium and potasium. Sodium Sulfate is deposited and produced in the Salar de Ro Grande, which is of great importance to the province. This province is the main supplier of perlite in the country; the production centers are found in the Puna, San Antonio de los Cobres area. There are also important sedimentary deposits of singenetic diatomite in the Catua Zone. The Andes, at the argentine-chilean border, holds sulfur deposits that have been in production until 1978. The average grade of ores reaches twenty three percent (23%) sulfur and the geological reserves amount to 2,5 Mt. Catamarca: this province is rich in metallic mineralization. The majority of the deposits are in the exploration phase, while Bajo de La Alumbrera, YMAD (Faralln NegroAlto de la Blenda Mine) and Fnix mine (salar de Hombre Muerto) 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 fifty two meters (752 Mt.) with grades of ores of 0,51% Cu and 0,65 g/t. Au, and recuperation in sub-products of Ag and Mo. In this compound, there are various prospects of copper porphyry: Bajo del Durazno, Bajo de San Lucas, Bajo de los Jejenes, Bajo de las Pampitas, Agua Tapada, Bajo del Espanto. There are epi-thermal veins of Au, Ag and Mn with grades of ores of 5,77 g/t. Au and 104, 70 g/t. Ag. in the Faralln Negro-Alto de la Blenda, producing 420 kilograms gold and 4100 kilograms of silver per year.
One of the most outstanding exploration deposits is Agua Rica (ex Mi Vida), that mineralizes Au, Cu and Mo, of a copper porphyry type, and another of epithermal type, with reserves of 802 Mt. and grades of ores of 0.61% of Cu, 0,035% de Mo and 0,24 g/t. of Au. Tucumn: currently, mining in Tucumn is based on industrial minerals. The most sought-after minerals in the market are those used for construction (aggregates, sedimentary limestone, gypsum, lime-clay and common salt produced in the district of El Timb). The aggregates reserves are practically unlimited at the river banks. The sedimentary limestone presents an interesting potential. Gypsum has a promising potential since the formation Ro Sal, which carries this mineral, allows for a broad regional distribution. The slime and clay reserves guarantee raw materials that exceed the market requirements. There has been no exploitation of metamorphic limestone, slabs, siliceous sand, feldsparr, mica and granite. With respect to mining of metallic minerals, it is important to point out the El Alisal copper and gold project, located at the Calchaques Heights, on the Aconquija mountain range. It is a prospect of copper porphyry, with disseminated mineralization through gaps with geo-chemical abnormalities and an area between 100 and 200 ppb Au and between 400 and 800 ppb of Cu. In the Faralln Blancos prospectus, in the Ramada mountain range, gold in quartz and limestone veins are mineralized. Its geo-chemical analysis indicated 3 g/t. Au and between 30 to 50 g/t. Ag. Such manifestation has no current interest. There are also magnesium sedimentary deposits in the form of nodules at the departments of Burruyac and Tafi Viejo; disseminated between sandstone and clay. Hydrothermal manifestations of MN are also found in the departments of Tafi del Valle y Tafi Viejo. Both kinds of manifestations are low potential due to the limited volume, low grades of ores and erroneous distribution of the mineralization.
Region. The six provinces cover a total area of 501,487 square kilometers and its population density is of 13.2 inhabitants per kilometer. The regions climate is warm throughout the whole territory. Economy: the mining production in the Northeast Region is focused mainly in application rocks (93.3% of the total regional value) and in particular, sands for construction. With respect to non metallic minerals, the exploitation of gypsum and siliceous sands in the province of Entre Ros must be pointed out. Misiones produces precious stones (amethyst), but they are insignificantly priced. The main products of the region are: sands for construction, basal, rolling stone, gypsum, grinded rocks, riprap, rock shell and amethyst. Mining Potential: Misiones, Corrientes and Entre Ros participate in the basaltic basin of Sierra Geral, that extends over 1,200,000 square kilometers. All of the provinces of the Northeast Region dwell mostly on basalt through broken stone and, in less volume, through natural blocks reduced in size for construction purposes. The important drainage net that these provinces posses is concentrated in the Paran and Uruguay Rivers, washing the red lands and finally settling the heavy minerals contained in the principal courses next to the sandy sediments. The greatest deposit of sand begins at the south end of Misiones. Misiones: the province of Misiones is the principal basalt producer (0,5 Mt/year) destined for grinded rocks. There are clay exploitations for the production of special bricks and ceramic use. The districts of Santa Ana and San Ignacio hold cays suitable for carving and construction. Among the gemstones, amethyst, agate and crystal rock are exploited from the geodes located at the basaltic flows. This production reached 3.000 kilograms per year. This province offers great potential in terms of
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Northeast Region The provinces of Santa Fe, Chaco, Corrientes, Entre Ros, Formosa and Misiones make up the Northeast
new findings of this kind of resources due to the wide superficial distribution of the basaltic flow that carries geodes and siliceous mineralization in numerous areas of the provincial territory. The ladders are widely distributed throughout the provincial territory, however the main development and adequate content of alumina is found in the southeast portion of the province, in the areas of influence at the districts of Garup, Parada Leis, Apstoles, Concepcin de la Sierra and Azara. Entre Ros: the production of industrial minerals and rocks in this province is distributed in the following manner: sand for 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 of gypsum is concentrated at the west border of Entre Ros, in the district of Paran and La Paz, from National Route Nbr. 12 and Ro Paran. The deposits are round shaped with epigenist concentrations disseminated in almost sphere shape with diameters between 10 and 30 centimeters. Currently, the Piedras Blancas and Santa Elena (Puerto Buey) deposits are currently at the exploitation phase. The rolling stone production has decreased notoriously due to the exhaustion of the natural deposits in the Uruguay river. However, it still constitutes a potential gemstone resource (agate, chalcedony, etc.). There are clay resources from the Pleistocene age, suitable for red ceramic production in the Paran area. These resources have also been identified in the Puerto Yeru, Gualeguay, Paraje Campichuelo and Arroyo Las Chilcas. As for the clays suitable for thermo expansion, they have been identified nearby the cities of Concepcin del Uruguay, Rosario del Tala, Paran and Gualeguay. The districts of Puerto Yeru and Colonia Santa Eloias have important basaltic resources. The Paso Hervidero Deposit is currently being exploited. The production reached 150,000 tons per year, mainly destined for grinded rocks used for construction.
Corrientes: this province exploits basalt deposits completely destined for the production of broken stone. The main extractions have been carried out in the districts of Curuz Cuati, Yofre, Mercedes, Virasoro, Ituzaing and San Borjita area. The sand and rolling stone extractions are carried out on a large scale and destined for the construction industry. They are mainly extracted from the Paran and Uruguay rivers. There are traces of siliceous mineralization contained in the basaltic rock and found in the southeast portion of the province, between the districts of Monte Caseros and Pucheta. From this type of mineralization, the potential gemstone resources can be inferred (geodes, agate, amethysts), along with the opal clastics and chalcedonies which are included in the calcareous basaltic conglomerate that is found on top of the basalt, to the south of the district of Yofre. Corrientes has clay deposits suitable for ceramic and aluminum earths laterites in the Virasoro area. The exploitation of sandstone deposits are found in the area of Felipe Yofre, Mercedes and Solari. This mineral is used for coating and is commercialized in the local market. Santa Fe: is the third largest construction sand producer in the country, with an annual level of extraction amounting to 2,5 Mt. These sands also provide mining potential for titanium minerals. Chaco: Chacos mining business is limited to industrial minerals and rocks. The main resources are aggregates (sands and grinded stone) as well as clay. The clay deposits are exploited nearby the cities of Resistencia and Presidencia Roque Senz Pea. This mineral is exclusively destined for the production of red ceramics (bricks, floors, tiles, among others). The sands are completely extracted through the dredging of the river-bed of the Paran river. The deposits of rock material suitable for the production of grinded stone are located in the northeast portion of the province, in the districts of 9 de Julio, Almirante Brown and Chacabuco. These are heterogeneous deposits made
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up of quartzite (octo-quartzite) and sandstone, with interposition, at a lower level, of calcareous and clay being distributed in a pocket or stratum form. The Las Piedritas deposit is the only one being exploited, with well developed fronts and known reserves, while Palo Blanco, El Picazo and Tres Estacas are exclusively known for their perforations made in the middle of the woodland, where suitable materials are found, having similar characteristics as those found in the Las Piedritas productions. The production in the Las Piedritas deposit is of 180,000 tons per annum. Formosa: the mining production in Formosa is focused on the exploitation of sand deposits used for construction.
Mining Potential: Crdoba, Buenos Aires and Santiago del Estero have great mining potential in granite rocks and limestone. The production of marbles and serpentine for ornamental purposes as well as important pegmatitic deposits rich in quartz and feldspar is outstanding in the province of Cordoba. In both cases, the extraction of blocks and serrate, and the industry of lime and cement are the pillars of the local mining business. In the province of Buenos Aires, the extraction of clay, gypsum, sand and grinded stone for construction must be pointed out. Crdoba: in this province, the metallic potential is represented through the veined wolframio deposits and skarns, as well as in veined mineralization of lead-silverzinc and gold. Anciently, La Bismutina was exploited. The wolframios mineralization presents itself in the four pegmatite intertwined accordingly and discordantly with the basaltic metamorphisms. Aside from pegmatitic mineralization, there is also alluvium mineralization, adding 4,000,000 m3 with a grade of ores of 1 kilometer per m3. The pegmatitic bodies have grades of ores between 0.3% and 0.5% WO3, and extreme values of 6%. The geologic resources are estimated at 1,330,000 tons. The Los Guindos wolframio deposit (Pampa de Olaen) was exploited fifty years ago. Aside from wolframio, disseminated sulfurs can also be found. Currently, gold is being explored. There are Cu, Sn, Bi, Pb, Mo y Fe abnormalities. In the La Candelaria district, anciently exploited, gold mineralization presents itself through more than fifty veined bodies. These hydrothermal veins are related to high basaltic metamorphism areas and they are located in fractures. In the Puigari-Monserrat sector, 86,500 tons of Au with 5.44 g/t have been determined. Due to the regional distribution of the manifestations, the districts reserves have increased notoriously. The main industrial minerals and rocks produced are the following: grinded rocks (31.88%); lime (19,42%);
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Middle Region The Middle Region is composed of the provinces of Buenos Aires, Crdoba and Santiago del Estero, with an area of 609.243 square kilometers. This regions climate is moderate throughout great part of the territory (Templado Pampeano). Generally, mining in this region is characterized by minerals associated with the construction industry. Most of them correspond to the application rocks category. The province of Buenos Aires produces almost two thirds of the regional production of application rocks. Among its principal products, sand for construction, grinded rocks, limestone, riprap, block granite, quartzite, are some examples worth mentioning. As for the non metallic minerals, there are three main products that can be mentioned: clay, gypsum and salt. Crdoba has a more diversified production of rocks and non metallic minerals. For example, application rocks such as grinded rocks, limestone, sand for construction, rolling stone, dolomite, among others, metallic minerals (chrome and beryllium) and semiprecious stones (amethyst and aqua marine) are produced in this province. The main mining products are: sand for construction, grinded rocks, clay, limestone, riprap, block granite, quartzite, salt, grinded dolomite, gypsum, rock shell, rolling stone, marble, quartz, feldspar and mica.
serpentine (7,74%); rolling stone (6,58%); gypsum (5,27%); basalt (4,80%); clay (4,57%). The plastic clay production is concentrated in the Primero River basin (Montecristo), carrying deposits from the Pleistocene age. Kaolin can be found nearby Nono. The clay production reaches 145,000 tons per annum. The serpentine exploitation, destined for the iron and steel industries, is conducted at the La Maga deposit, in Rincn de los Sauces, producing 146,600 tons per annum. The ornamental rock production (blocks) is based in the exploitation of granite, marble and a variety of mountain range rocks. The exploited sites are located in Sierra Chica, having quarries that are practically paralyzed due to stock surplus. The sand and rolling stone exploitation focuses in the Primero, Segundo, Tercero and Cuarto Rivers, as well as in the Capital, Santa Mara, Punilla, Tercero Arriba and Cruz del Eje departments. The production reaches 1 Mt. of sand and 0.5 Mt. of rolling stone. Basalt is exploited in the Chajn Cerro La Leoncita area, and in Berrotarn, to be used as broken stone (basalt, arid for construction). Buenos Aires: the clay exploitation is located in the districts of Lobera, Necochea, Benito Juarez, Azul and Olavarra. The limestone extracted from the Sierras Septentrionales is well known for its production value, especially the one extracted from Olavarra that, along with Barkers extraction in Benito Juarez, is used for making cement and lime. There are various isolated black lime bodies in the Barker area, nearby the Villa Cacique. The Barker Deposit of Loma Negra C.I.A.S.A. is also found in this area. It is important to keep in mind that the standard composition of these limes is: silicious dioxide, varying between 7% and 16% (very impure limes), low magnesium oxide contents and ferrous oxide only in the chocolate variety, medium to low sulfur content and low phosphorous anhydride. The calcium carbon percentage in black limes is between 85% and 90% average.
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The dolomite is part of the sedimentary sequence of the Sierras Septentrionales or Tandilia, at the Sierras Bayas area (Olavarra district). There are numerous quarries in the Sierras Bayas, that are currently in activity, reopening and reconverting. The gypsum from the Quequn basin is used mainly for cement fabrication, even though its grade of ores is low. Grinded rocks are produced in the Sotuyo passage, Cerro del Aguila and Azul. Riprap and selected soils exploitations are greatly sought-after, constituting the greatest mining productions in the province. The granite that makes up the crystal base in the province is used as arid for construction and ornamental materials. From an economic standpoint, the extractive activity of rocky materials is located mainly in three districts: Olavarra, Azul and Tandil, representing 90% of the provincial production. Aside from these districts, Sierras Australes or Ventania in Tornquist and Pigu exploit rocky materials as well. The block granite production reaches 79% of the total produced in the country. Quartzite from the General Puyrredn, Balcarce, Torquist and Pigu areas is used as arid for construction, blocks, slab, etc. The beach sand found at the south end of the province (between Necochea and Baha San Blas), is an important titaniferous mineral resource, that has been studied for its eventual use in the production of white titanium.
New Cuyo Region The New Cuyo Region (NCR) comprises the provinces of La Rioja, Mendoza, San Juan and San Luis, which add up to a total surface area of 404.906 square kilomenters. The climate in this region is arid in the western and cordilleran area, and template towards the east. The former is known as rido Andino de las Sierras y Bolsones and towards the south as rido Andino Puneo,
corresponding to the west of the territory (provinces of La Rioja, Mendoza and San Juan). The latter is the transition template climate, and it is characteristic of the rest of the region (province of San Luis). Economy: most of the mining production in the region relates to application rocks. In San Juan, crushed dolomite, marbles, limestone, sand for construction are worth mentioning, among others. Production of metals is restricted to uranium concentrates in Mendoza. In San Luis, feldspar, quartz, stone slab and granite in blocks, among others, are the most important. The main mining products are: sand for 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 of the regions with the highest mining potential given the importance of the metal deposits which have been discovered in its territory. Some deposits are still in the feasibility stage, others in the exploratory stage, and others in the production stage. Therefore, the metalliferous mining activity represents an element of development and economic growth for the region. With regard to non-metalliferous mineral resources and application rocks, there are important reserves of gypsum (Mendoza); limestones for lime and cement (Mendoza San Juan); quartz, feldspar and mica (San Luis, San Juan); talc (Mendoza), bentonites (San Juan, Mendoza, San Luis, La Rioja) and ornamental rocks (San Luis, San Juan, La Rioja, Mendoza), plus one of the most important potassium salts deposit in the world. La Rioja: the following metal deposits are worth mentioning: high sulfiding disseminated epithermal, skarn and veined. La Helvecia is a deposit with a mineralization of Pb-Zn, located between Ordovician limestones. The estimated reserves are of 361,000 t. with grades of ore reaching 8.3% Pb, 18,8% Zn and 91 g/t. Ag. The Famatina district is economically relevant. It presents two types of mineralization: veined and
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disseminated. Veins are historically important since they have been exploited from the late 1800s to 1925. The veined mineralization of Au-Cu, which includes mines such as La Mejicana, Los Bayos and Offir, constitutes a typical association of a high sulfiding epithermal deposit. In the area of La Estrechura there is disseminated Cu-Mo ore. Even though there is no information concerning reserves, it has been estimated that in La Estrechura the amount is of 300,000,000 t. with grades of ore reaching 0.06% Mo and 0.5% Cu, while in La Mejicana reserves have been estimated to be of 250,000 t. with grades of ore reaching 8.4 g/t. Au. The King Tut mine contains mesothermal veins of Co-Ni located in Ordovician slates. Reserves of 5,000 t. have been indicated, with grades of ore reaching 0.83% Co and 5.9 g/t. Au. As for industrial minerals, refractory clays are exploited in the district of Aman, resulting in a production of 6,000 t. per year. Pyrophyllite is exploited in the district of El Chuschin-El Cosme, resulting in an average production of 3,000 t. per year. Finally, with regard to ornamental rocks, stone slab is produced in the district of Olta-Zona Loma Blanca, resulting in a production of 10,000 t. per year, while 2,500 t. of black granite per year are produced in Alczar. Mendoza: among the metalliferous minerals found in this province, copper porphyry with molybdenum and gold are noteworthy, together with epithermal gold. Yalguaraz is a prospect of Cu and Au varying from epithermal to mesothermal, characterized for its veined and disseminated mineralization, both of which are related to chalko-alkaline intrusives corresponding to the upper Paleozoic. While there is no information about reserves, the resources are promising. Paramillos Norte is a deposit of Cu-Au-Mo, which may be assimilated to a copper porphyry which develops CuAu veins on its margin. Even though resources have not been defined, it is estimated that the veined system holds the highest expectations, containing over 2,000,000 t. A gapped area would contain more than 50,000,000 tons.
In Paramillos South exists a copper porphyry of CuMo-Au, in relation with a mesosilicious tertiary body. Reserves were estimated in the order of 150,000,000 tons with 0.58% Cu and 0,06-0,4 g/t. Au. The San Jorge deposit is a copper porphyry with mineralization disseminated of Cu connected with a copper granite of Paleozoic age. Reserves were estimated in 146,000,000 tons with 0.5% Cu and 0,2 g/t. Au, and in the primary area reserves were estimated in 30,000,000 tons with 0.8% Cu. At the moment the area is under exploration. In connection with epithermal gold deposits, it is worth mentioning Oro del Sur, a veined system of high sulfuration of Au-Cu. In this deposit, the Au is in the pyrite. In four veins in the oxidation area the oxidation was estimated in 460,000 tons (positives + probable) with a medium grade of ore of 8 g/t. Au. Regarding the non metallic minerals of industrial type, we can mention the production of clay and kaolin, used by the red ceramic industry, the Portland cement and the white concrete, refractories, drilling muds, clarification of wines, among many others. The production hubs of clay are located in the Departments of Las Heras, Tupungato and San Rafael with volumes in the order of 200,000 tons per year. Regarding sulfur, the principal deposit is Volcano Overo, with 1,000,000 tons of reserves, and which exploitation finished in 1980. There are deposits of barite and celestite (Rojino, Luthema, Pirucha, among many others) actually inactive and they were exploited to be used as a densified for drilling muds. The sodium chloride is located in salines (Salina del Diamante) with a production between 15,000 and 30,000 tons per year and as a salt stone (mine Luncay 22,5 Mt. of reserves) about 200 tons per year. In the extreme south of the province the presence of one of the principals reservoirs of chloride potassium in a worldwide level (1.500 Mt) in which measured 203 Mt. de Silvita is worth mentioning.
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Mendoza is the principal producer of talc in the country. The production of gypsum reaches 100,000 tons per year, in the areas of Puente del Inca and Malarge. Limestone is exploited in Cerro de la Cal and Cerro Blanco. Other industrial minerals with a variable exploitation grade are quartz, fluorite and sulfur of sodium. Regarding stones, slab stone is exploited. There is a production of sand and rolling stone in Godoy Cruz and in the area of General Alvear and San Rafael city. San Juan: in this province the metal mining potential is located in different types of deposits, such as the skarn type and epithermal auriferous of high sulfuration (as a part of the metallogenetic strip El Indio), the copper porphyry and the veins mesothermal. Among the deposits of type skarn, Gualcamayo is a deposit of Au in paleozoic limestone, up to the date there is no available information with respect to the grades of ores and reserves. In the Valle del Cura there are different prospectus of deposits of Au epithermal of high sulfuration within the metallogenetic strip El Indio; among others: Despoblados, Jagelito, Los Amarillos, Lama (with grades of ores of 20 to 50 g/t. Au), La Ortiga, Ro Fro, Trtolas (with superficial grades of ores of 14 g/t. Au) and Vacas Heladas (with superficial grades of ores of 0,4 to 8,4 g/t. Au). The area El Carmen has disseminated mineralization of Au-Cu in transition between epithermal of high sulfuration and deposit of strip type of Maricunga. In Veladero, there are grades of ores of 0,3 to 0,8 g/t. Au in the south of the river Taguas, reaching up to 3,3 g/t. in zones of breaches; recent studies in the area defined a project of first magnitude, acquired by Homestake for it development. Zancarrn has reserves of 2,500,000 tons with grade of ore 3 g/t. of Au and very good potential resources. The prospectus La Poposa is located in a dome of chalkoalkaline stones of the superior tertiary and belong also
to the metallogenetic strip El Indio; even though there are no reserves calculations, grades of ores of 2-3 g/t. were obtained in the alter areas, 50 g/t. in veins, and 3,16 up to 18,2 g/t. Au in fractured zones. Pachn is a copper porphyry deposit. The mineralization of Cu-Mo is in veins, disemination and stockwork. Reserves of 687,000,000 tons are considered with 0.63% Cu and 0.014% Mo. In Hualiln, old auriferous district exploited since prehispanic periods, the mineralization is presented in veins and also as a consequence of a replacement metasomatic in limestones ordovician produced by subvolcanics dacitics miocene bodies; also there are bodies of breach. The reserves reaches 270,000 tons and the grades of ores 10 g/t. Au. The potential of this deposit resides in the reserves that could increase for the evaluation of other veins of the district and for the existence of disseminated gold in the subvolcanics bodies and in the sedimentary box. Regarding the mining district Castao Viejo, is a vetiform mesothermal deposit of Pb-Zn Ag, which exploitation was initiated during the pre-hispanic period. The stone box is composed of volcano-sedimentary paleozoic stones and the mineralization is related to tertiary quartz monzonite. Reserves were estimated in 614,000 tons with grades of ores of 7.5% Zn, 7.4% Pb, 0.15% Cu and 72 g/t. Ag. In the district of Marayes or Cerro Blanco, there are mineralizations of Pb-Zn-Ag-Au of two types: veinds and of replacement. The veins are located in metamorfitas (Caledonia mine) and in replacement bodies in limestone (Bella Blenda mine). In Caledonia the grade of ore of gold reaches 20,8 g/t. in veins and 2,2 g/t. in associated breaches. The district of Tocota was explorated long ago, and is considered as an epithermal auriferous deposit. It consists of veins of Au-Ag-As related to granodiorites and dacites. Although information of reserves is not available, the grade of ore reaches 20% As, 4-8 g/t. Au and 6-20 ppm Ag. It is an area with good perspectives, considering that different areas with hydrothermal alterations and volcanic breaches are associated, as well as the intense magma and gondwana activity.
In Guachi the epithermal veins of Au are located in paleozoic stones, with contents of up to 25 g/t. Au. Information of reserves is not available. Regarding the industrial minerals it should be mentioned the main exploitation of clay, bentonite, quartz, sulfur aluminum and magnesium. Clay is obtained from the deposits of San Jos and San Juan and the bentonite from the area of Barreal and Mogna, Jchal Department. The extraction of quartz, feldspatr and mica is concentrated in pegmatite bodies of the Sierras of Valle Frtil, La Huerta and Pie de Palo, with a production in 1997 of 9,747 tons, 2,571 tons and 120 tons, respectively. The production of limestone is in the order of 1,2 Mt. anually, concentrated in quarries located in San Juan of the Andes (The Berros-Jchal). The same centers are producers of calcite, with a production of 40,000 tons annually and reserves in the order of the 5 Mt. The deposits of dolomite are located in the same Andes limestone strip, in the area of Villicn (quarry El Volcn). Its main uses is the siderurgia industry and the production reaches the 0,5 Mt. annually. The province has important reservoirs of dry stones, being the river- bed and the beach of San Juan river the most important ones. San Luis: the mining potential of this province is related to its deposits of epithermal gold, massive sulfides and disseminated wolfram. The auriferous district La Carolina has a longstanding mining history and it has been exploited for ages. Mineralization is associated with volcanic gaps and domes, probably based on the Pampean mountains. The gold is in pyrite form and is related to breached bodies with a typical alteration of the low sulfide deposits. Mineralization is disseminated, in streaks and it is sometimes formed by alluvial deposit. Even though there are no reserves data, it has been determined that
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the grades of ore in trenches are of between 1 and 3 g/t. Au, and of between 0.3 and 3.2 g/t. Au in drillings. Las guilas is a Ni-Co-Cu deposit of the massive sulfide type associated with mafic and ultramafic rocks, the latter of which is in the metamorphic foundation of low and medium degrees. According to metallurgical studies, the processing is technically viable. Total reserves are of 2,220,000 t. (proved + probable). The grades of ore reach 0.51% Ni, 0.5% Cu and 0.035% Co. In the district of La Florida, which has been exploited for long, there is mineralization of veined and disseminated W. Au and odd soil components are also found. Reserves are unknown, but the grades of ore vary from 0.4 to 1.5% WO3. With regard to industrial minerals and rocks, the provinces main potential consists of pegmatite minerals (quartz, feldspar, beryl, mica), salt, limestone, granitic rocks and stone slab. The exploitation of pegmatites is mainly concentrated in La Toma-Naschel. Reserves are over 3 Mt. and the most important mines are La Discutida, Beatriz, La Norma, among others. Other minerals that may be found in the province are fluorite, garnets, vermiculite, gypsum, salt and clays. Limestone reserves are of as much as 8 Mt. Stone slab deposits in Estancia Grande, El Durazno and Totoral are a very important resource. Granite is mainly produced in the quarries known as La Peas, la Totora, La Lomita and Los Chorrillos.
snowy and humid of the Patagonic Cordillera. The first corresponds to the south (Tierra del Fuego and south of Santa Cruz) and the other two correspond to the Andes area (Santa Cruz and Chubut). The arid climate is characteristic of most of the territory (Neuqun, Santa Cruz, Ro Negro and Chubut). Economy: as of 1998, the production of metalliferous minerals has been driven by the start-up of Cerro Vanguardia, one of three main projects in the context of the boom of metal mining in Argentina. Following 1997 figures, it is worth mentioning: coal (Santa Cruz), kaolin (Chubut), bentonite (Ro Negro), common salt and sodium sulfate (La Pampa), as well as other non-metalliferous minerals and rocks related to the construction industry. The main mining products are: bullon of gold and silver, mineral coal, bentonite, kaolin, common salt, clays, rolling stone, construction sand, gypsum, rocky grindings and sodium sulfate. Mining Potential: the region hosts a variety of resources, ranging from the energetic to the metalliferous and non-metalliferous. Large sedimentary basins such as Magellan, Gulf of San Jorge and Neuquina provide petroleum and gas. The Nordpatagonic and Deseado massifs contain metalliferous deposits, mostly industrial minerals and application rocks. Both geologic units are significant for the extraction of industrial minerals. For example, the southern area of the Nordpatagonic massif contains the largest kaolin reserve in the country. The intense extractive activity of application rocks is due to the impact of the Mesozoic era in the region. In the Southern Patagonic Cordillera, mining production is mostly related to the coal beds in Ro Turbio. Towards the north of the Northern Patagonic Cordillera and the south of the Main Cordillera, mining production is mostly related to metals and, to a lesser extent, industrial minerals.
Patagonia Region The Patagonic Region (PR) comprises the provinces of Chubut, La Pampa, Neuquen, Ro Negro, Santa Cruz and Tierra del Fuego, which add up to a surface area of 930,731 km2. The climate is cold in the western, cordilleran area, and arid towards the center and south of the region. The various cold climates are known as Magellanic,
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With a few exceptions, a proper valuation of the potential of these resources is lacking, due to the absence of specific technical studies. Neuqun: the metalliferous mining potential of this province is determined by the copper porphyry deposits and gold mesothermal veins. Campana Mahuida is a copper porphyry containing Cu-Au-Mo related to magmatic chalko-alkaline Cretaceous-to-Oligocene rocks and produces an intense hydrothermal alteration. In the oxidized area, 4,700,000 t. with 0.73% Cu have been evaluated, while 33,000,000 t. with 0.61% Cu have been evaluated in the supergenic area, with uniform grades of ore reaching 2.3 g/t. Au and 132 ppm Mo. In the mining district of Andacollo there are over 50 mesothermal veins of gold. 60% of such gold is associated to sulfides and 40% appears to be free. The two most important mines are Erika and Sofa. The former is located in propylitized sediments belonging to the upper Paleozoic; disseminated and veined mineralization consists of pyrite and native gold. Reserves of 129,240 t. (positive + probable + possible) with grades of ore reaching 9.73 g/t. Au have been measured. There are very important potential resources in this mine. In Sofa, mineralization of gold is next to pyrite in four seams that penetrate into the Tobas Inferiores and the Huarac Formation of the Upper Carboniferous; measurements have shown an amount of 201,850 t. (positive + probable + possible) and grades of ore reaching 15.64 g/t. Au. La Voluntad is a copper porphyry deposit with disseminated and stockwork mineralization of Cu-Mo. The estimated reserves are unknown, even though there are indicative values of 0.2% Cu. Regarding industrial minerals, the province stands out for its deposits of barite-celestite, limestone, gypsum, bentonite and clays. Clays are concentrated south of Zapala (La Graciela, La Beatriz, Chita, among other mines). The district reserves are over 10 Mt. and the annual production is of about 64,000 t.
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Bentonite in the Zapala area (El Beto, Cerro Bandera) corresponds to montmorillonite. The strata are of the tertiary era and production reaches 56,000 t. per annum (1997). The combined production of barite-celestite is of about 8,500 t. The deposits, which belong to the Mesozoic era and have a sedimentary origin, are located in the Departments of Loncopu, orquin y Picunches and cover a surface area of 4,000 km. The Achalay, Ro Agrio, Santa Barbara, 4 de Noviembre and La Cecilia beds are worth mentioning. The geologic reserves of the area are of more than 2 Mt. Gypsum reserves are over billions of tons and are located mainly in the Auquilco Formation. In the Vaca Muerta area, they are exploited to produce baked gypsum. As for rocks, there is exploitation of tuffs and, sporadically, marble blocks. Limestone is exploited in several levels. These correspond to the quarries of El Salitral, Los Catutos, Cuchillo Cur and Vaca Muerta. It is used for the production of lime and Portland cement. In the Zapala and Picunches areas, construction sand and debris are produced. Santa Cruz: the metalliferous mining potential of this province is reflected in the numerous areas containing deposits of low sulfiding epithermal gold, as well as in polimetallic and mesothermal veins. In Cerro Vanguardia there is a system of epithermal auriferous veins located in the Chon Aike Formation (Baha Laura Group) and corresponding to the Jurassic era. Mineralized structures are the result of the filling of fissures, and they add up to 90 km. long. The deposit is of the adularia-sericite kind (low sulfiding), with scarce hydrothermal alteration and low sulfide content. About 30,000,000 t. of reserves have been measured, and the grades of ore reach 9 g/t. Au and 10 to 60 g/t. Ag. The area is full of potential resources. The epithermal auriferous deposit La Josefina is of the adularia-sericite kind (low sulfiding). It consists of
a number of veins filled with open spaces which add up to 11 km. These veins are located in the same rocks than Cerro Vanguardia. There is siliceous hydrothermal alteration, which coincides with topographic heights and comes with sericitization and kaolinization. Chemical tests performed on surface samples have shown that grades of ore reach 1 to 8 g/t. Au. Like Cerro Vanguardia and La Josefina, Manantial Espejo is an epithermal auriferous deposit of the adularia-sericite kind (low sulfiding) with Au-Ag veins which reach as much as 2 km. Measured reserves are of 885,000 t. whose grades of ore reach 9.62 g/t. Au and 235 g/t. Ag. In the El Dorado-Monserrat district there are about 30 auriferous veins of quartz and barite, of the adulariasericite kind (low sulfiding). These are located in volcanites in the Bajo Pobre Formation. The total length reaches 5 km. The amount of reserves is unknown, but grades of ore reach 10.3 g/t. Au and 164.21 g/t. Ag. These quantities are variable, and the Au/Ag relation increases in quartz and decreases in barite. Laguna Guadalosa is an auriferous epithermal deposit of the same kind as Cerro Vanguardia. It has multiple veins and it is almost 8 km. long. The amount of reserves is unknown. Grades of ore vary from 2 to 3 g/t. Au. Arroyo Correntoso (also known as Laguna del Desierto) consists of a mesothermal vein of Pb-Zn-AgCu-Au, characterized by disseminated mineralization. Reserves have been estimated to be of 3,000,000 t. with average grades of 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-PbZn-Cu) located in Neopaleozoic quartzites. Seventy (70) km. south up to the lake Nansen area there is a strip of exploration favorable to the same sort of deposits. There is no information concerning reserves and grades of ore. As for industrial minerals, the province counts with clay resources in the San Julian area, where reserves are of several millions of tons. These are loam reserves which make up part of the Baquer Formation, belonging to the lower Cretaceous.
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Other industrial mineral resources are barite (in the Vanguardia area), kaoline (in the San Julian area, Cerro Rubio and Lote 8 mines), salt (Caadn Grande, La Lobera, La Voluntad, among others) and gypsum (San Julin), although the production of all these minerals is less significant. The production of sand for construction and riprap is concentrated in Lobera and La Esperanza, and is mainly destined to Comodoro Rivadavia. Chubut: in this province the metal mining potential is represented principally by polimetalic deposits. With the mine name Angela is described the district of Los Manantiales, which includes the veins of Angela, Clara Natividad and Susana Beatriz. They are all covered with polimetalic veined deposits (PbZn-Cu-Au-Ag) that are located in jurassic volcanites. The veins are of filled fractures and of replacement, and the hydrothermal alteration in the stone of box is given by pyritization, silicification and sericitization. The mineralization is located in jurassic volcanites of the Andes and they are connected in a sub volcanic body of cretaceous age. Reserves were calculated in 350,000 tons of minerals proved with grades of ores of 5.6% Zn, 2.9% Pb, 0.38% Cu, 50 g/t. Ag and 3,5 g/t. Au. Cerro Gonzalo is an auriferous epithermal deposit, in which the disseminated mineralization is related to a cretaceous batholith which includes volcanites from the Andes and jurassic piroplastities. The mineralization and the hydrothermal alteration are related to porphyries dioretic granite. The alteration is represented by potassium, clayish and turmalinic types. The reserves could be of 670,000 tons, and grades of ores were measured up to 5 g/t. Au, 92 g/t. Ag y 480 ppm Mo. Huemules deposit presents veined mineralization related to dikes from the Andes and tertiary riolitics. There is hydrothermal alteration given by silicea, clayish, propilitic and piritic types, that constitute an anomaly of color. The reserves could be of 60,000 tons with grades of ores of 8,3 g/t. Au, 20 g/t. Ag and 1.5% Zn. They present good potentiality given by the extension of the area. Within the area, other auriferous polimetalic prospectus are in the exploration stage.
Located in the Andes introduced by dacitics dikes, the deposit of Lake Fontana consists in polimetalics mesothermal veins of Zn-Pb-Ag-Cu. Reserves were estimated in 150,000 tons with grades of ores of 4.5% Zn, 1.6% Pb, 0.6% Cu, 14 g/t. Ag and 1 g/t. Au. The main industrial minerals resources in Chubut correspond to clay and kaolin, the province also has reserves of fluorite, barite, gypsum and salt, among others. Clays are concentrated in the area of the river Chubut. They are from sedimentary origin, generated from for the alteration of volcanic stones. The deposits of La Valeriana, Coln, Las Cars, Acrpolis and Meseta Montemayor are worth mentioning. Kaolin concentrates which constitutes the main district of the country in the valley of the river Chubut. It covers an area of 750 km2. In the mineralogical composition appear the kaolinite, quartz and illite, with less content of halloysite and montmorillonite. The deposits of limestone are located in the area of Comodoro Rivadavia (Sindicato, Arroyo La Mata, Fernandez Lagoon); in cretaceous sequences in the area of Baha Bustamante (La Esther, 220 Mt), in the departament of Gaiman (La Alicia), among others. Among the ornamental stones, the production of porphyry in slabs and paving stones, of grey and red colors, belonging to jurassic volcano units should be mentioned. La Pampa: saltworks are the sole current and potential extractive industry available in the province. La Pampa is one of the most important national producers of salt and has a strong potential of growth. Sodium chloride is the best known and most exploited mineral, although sodium sulfate, gypsum, bentonite, construction sand and carbonatic rocks are also extracted. Other industrial minerals such as diatomite, quartz, red clay, calcite, feldespate and kaolin are almost not exploited and there is little technical knowledge due to the lack of exploration and economic incentive.
La Pampa has been the main national sodium chloride producer since 1912, with almost 55% of the national production. Several associated salts with industrial potential such as sodium sulfate, sodium carbonate, magnesium salt, potasium salt, lithium salt, bromide salt and gypsum are found together with sodium chloride. The overall economic profitability of such minerals rests on the production, recovery and industrialization scale of the exploitation. Among the main sodium chloride salt deposits of the province we can find Salinas Grandes de Anzotegui, 24 km north of Ro Colorado and 5km SE of the town of Anzotegui, Caleu-Caleu Department. It has an extention of 12km long and a width of 3km. Two hundred and fifty (250,000) tons of sodium chloride are harvested annually, with a concentration of 99,4%. Other important salt deposits are Salina de Callaqueo, Salina El Chancho, Salinas Grandes de Hidalgo, Salinas Colorada Grande y Chica and Salina Salitral Negro. Regarding sodium sulfate, the main salt deposits are located in the center east region of the province, in Guatrach and General San Martn. La Pampa is the most important sodium sulfate producer of the country. It is worth mentioning that most saltworks which only produce sodium chlorate would be also capable of producing sodium sulfate. Salina Colorada Grande has a sodium sulfate reserve of 59 million tons and Salina de Hidalgo of about 7,3 million tons. Other sodium sulfate deposits worth 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 Sulfatera La Ernestina, located in the Utracn valley. It has known reserves of 45,000 tons. Gypsum can be found in the Pueln and Cura C departments, with estimate known reserves of more than 50 millon tones of firt class mineral containing more than 90% of SO4Ca.2 H20. La Pampa produces 5 million cubic metres of gypsum boards anually. During the 1970 bentonite deposits were discovered in La Pampa. Exploitation commenced in 1979 in the
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Pueln Department. The mineral is utilized in smelter and oil industries. Riprap can be found in the eastern side of the province, which is mostly used for the construction of roads. There are not conclusive evaluations supporting the potential exploitation of any other minerals in La Pampa province. Ro Negro: this province has epithermal to mesothermal deposits of Pb-Ag-Zn, veined wolfram and sedimentary iron ore. Gonzalito mine, toghether with Vicentito mine, Polito mine, Maria Teresa mine and several others, are important Pb-Zn-Ag-Mn-F mines. Gonzalito mine is a veined epithermal to mesothermal deposit exploited during the 1950, a result of fracture fillings and located in shales and proterozoic anfibolites. Vicentito mine has an estimate reserve of 23,000 tons with grades of ore of 8,45% Pb. San Martn veined wolfram deposit is located in the San Martn-Lloncura permotriasic granite stock. It has estimate reserve of 45,400 to 250,000 tons with grades of ore of 1,23% of WO3. Sierra Grande mine is a sedimentary iron ore deposit exploited until 1992. Estimate reserves reach 80,000,000 tons with grades of ore of 54% Fe and 1,4% P. Bentonite, diatomite, gypsum and kaolin deposits are the main reserves of the province. Fluorite, salt and clay can also be found. Among rocks there are reserves of porphyry and potential reserves of block granite. The main bentonite reserves are located in Lago Pellegrini (Allen formation). Ro Negro is the most important diatomite producer of the country. Diatomite is mostly used as a filtrant, absorbent and decolorant. Deposits are found in lakes located in the 25 de Mayo department. Estimate reserves are of 1 million tons.
Gypsum deposits of cretacic origin are located in the General Roca department. The most important quarries are Corral, La Estrella del Sud, Aguada Malleo, Galeano and Pico Blanco. Kaolin deposits are located in Los Menucos area. These deposits are from hidrothermal origin, and are concentrated in the southeast and southwest areas. The southeast deposits occupy an area of 50 km2, located in sequences of riolitic vulcanites. Don Sergio, TrinidadLaurita, Blanquita, El Penasco y Nahuel Guerr are the main quarries. The southwest deposits occupy an area of 45 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) and Valcheta district (Lote 54, 0,9 Mt), this last together with dolomite (0,3 Mt). Tierra del Fuego: Beatriz mine is a deposit of volcanogenic metamorphized polimetalic massive sulfides (Zn-Pb-Cu-Au-Ag), placed in a mesozoic volcanic-sedimentary sequence with low grade regional metamorphosis (Yahgn formation). Mineralization is present in lenses and stockworks, and is related to riolitic sinsedimentary domes. Although reserves are not estimated, mine samples gave grades of ore of 0,9% Pb, 3,4% Zn y 40 g/t. Ag. There are other areas in the province currently being explored, known as Arroyo Rojo, Sargent, Ro Hambre, Ro Encajonado, Gregores and Lago Guanaco. Terrain samples gave grades of ore of 8,62% Zn, 1,79% Pb, 0,89% Cu, 0,4 g/t. Au y 37,2 g/t. Ag. There is an 11km strip between Sargent and Gregores, near Ushuaia, favorable to massive sulfides, with the presence of riolites. There are also first class peat deposits for agricultural use. Heavy minerals and gold in low proportions can be found in coastal alluviums.
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5
Mining activity in Argentina
> Current status. Projections > Mining institutions > Main mining projects > Mining companies with investments in Argentina
Current status. Projections The mining industry in Argentina has experienced an exceptional and rapid growth which has had a direct impact in the increase of mineral production, exports and employment, and its development constitutes a tangible alternative for the development of the national economy. According to a recent publication of the National Mining Department, during 2007 the investments in the mining sector were over AR$5,600 millons with several new projects, resulting in an increase of 740% in comparison to 2003. Over 40,000 direct and 192,000 indirect jobs were created, resulting in an increase of 120% in connection to 2003. Development projections for the mining industry in Argentina for the year 2015 are highly positive: (i) 18 mayor exploitations; (ii) AR$38,500 million in investments; (iii) AR$28,000 million in exports; (iv) 87,250 direct jobs; (v) 316,000 indirect jobs; and (vi) a production of AR$36.200 million. Such projections together with an increasing global demand for precious metals, the regions great mining potential, and a strong development of benefit policies to this industry, have turned Argentina into a priviledged country for mining projects, chosen by more than 23 countries investing in mining exploration and exploitation.
Mining institutions There are several national and provincial institutions in Argentina grouping mining-related parties interested in the development of mining activity. Among national institutions, we will find the: Cmara Argentina de Empresarios Mineros (CAEM). Asociacin Obrera Minera Argentina (AOMA). Consejo Asesor de la Produccin Minera (CASEPROM). Fundacin para el Desarrollo de la Minera Argentina (FUNDAMIN). On a provincial level we will find: Cmara Minera de San Juan. Cmara Minera de La Rioja.
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Cmara Minera de Salta. Cmara de Empresarios Mineros de Chubut. Cmara Minera de Jujuy. Cmara Empresaria Minera de Crdoba. Cmara de la Piedra de la Provincia de Buenos Aires.
Bajo La Alumbrera (Province of Catamarca) Operated by: Minera Alumbrera Limited (consortium of Xstrata Cooper (Swiss, 50%), Goldcorp (37.5%) and Yamana (12.5%). Minerals: copper, gold and molybdenum. Estimated investment: USD 1,240million. Stage: Production. Faralln Negro (Province of Catamarca) Operated by: Yacimientos Mineros de Agua de Dionisio. Minerals: gold, silver and manganese. Stage: Production. Salar del Hombre Muerto (Province of Catamarca) Operated by: Minera del Altiplano S.A. (FMC Lithium Corp., subsidiary of FMC Corporation, USA). Minerals: lithium. Stage: Production. Casposo (Province of San Juan) Binational project. Operated by: Troy Resources NL (Australia). Minerals: gold and silver. Initial investment: USD 45 million. Stage: Exploration and economic feasibility studies. El Pachn (Province of San Juan) Operated by: Pachn S.A. Minera (subsidiary of Xstrata Cooper). Minerals: copper and molybdenum. Estimated investment: USD 2,166.66 million. Stage: Pre-Feasibility. Gualcamayo (Province of San Juan) Operated by: Minas Argentinas S.A. (Yamana). Minerals: gold and silver. Estimated investment: USD 150 million. Stage: Production. Pascua Lama (Province of 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 of permits.
Main mining projects There are currently around 330 mining projects in Argentina. It can therefore be established that mining activities are of great importance for the development of the country. Mining projects have promoted the creation of services, infrastructure, employment and other progress-provider externalities. Several mining projects can be mentioned: Pirquitas (Province of Jujuy) Operated by: Silver Standard Resources Inc. (Canada). Minerals: silver, lead and zinc. Stage: Final stage of construction. Initial investment: USD 220 million. El Aguilar (Province of 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 of Salta) Operated by: Silver Standard Resouces Inc. Minerals: silver and gold. Stage: Exploration. Taca Taca (Province of Salta) Operated by: Global Cooper Corp. (Canada). Minerals: copper, molybdenum and gold. Stage: Exploration. Agua Rica (Province of Catamarca) Operated by: Minera Agua Rica LLC Argentina Branch, subsidiry of Yamana Gold Inc. (Canada). Minerals: copper, molybdenum and gold. Estimated investment: USD 3,000 million. Etapa: Feasibility.
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Veladero (Province of San Juan) Operated by: Minera Argentina Gold S.A., subsidiary of Barrick Gold Corporation (Canada). Minerals: gold and silver. Estimated investment: USD 646 million. Stage: Production. Potasio Ro Colorado (Province of Mendoza) Operated by: Vale Do Ro Doce (Brazil). Minerals: potasium. Estimated investment: USD 2,333.33 million. Stage: Feasibility. San Jorge (Province of Mendoza) Operated by: Coro Mining Corporation (Canada). Minerals: copper and gold. Estimated investment: USD 300 million. Stage: Analisys by the corresponding authority of the Enviromental Impact Report for Exploitation Stage. Calcatreu (Province of Ro Negro) Operated by: Minera Aquiline Argentina S.A., subsidiary of Aquiline Resources Inc. (Canada). Minerals: gold and silver. Stage: Feasability. Navidad (Province of Chubut) Operated by: Aquiline Resources Inc. Minerals: silver, lead and zinc. Stage: Exploration - Pre-feasibility.
Cerro Vanguardia (Province of Santa Cruz) Operated by: Cerro Vanguardia S.A. (AngloGold Ashanti Ltd, 92.5%, and FO.MI.CRUZ S.E., minority shareholder, with the 7.5%). Minerals: gold and silver. Estimated investment: USD 382.33 million. Stage: Production. Manantial Espejo (Province of Santa Cruz) Operated by: Minera Triton Argentina S.A., subsidiary of Pan American Silver Corp. Minerals: silver and gold. Estimated investment: USD 200 million. Stage: Production. San Jos - Huevos Verdes (Province of Santa Cruz) Operated by: Minera Santa Cruz S.A., a joint venture of Mauricio Hochschild & CIA S.A. (Peru) and Minera Andes S. A. (Canada). Minerals: silver and gold. Estimated investment: USD 103.33 million. Stage: Production. Mina Martha (Province of 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 find a list of mining companies currently engaged in mining activities or mining projects in Argentina.
COMPANy Admiralty Resources Nl Alexander Mining Plc. Amera Resources Corp. Andean Resources Anglo American Plc. Antares Minerals Inc. Antofagasta 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 Pacific 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. Mansfield Minera S.A. Marifil Mines Limited Mega Uranium Ltd. Minas Argentinas/Yamana Resources-Viceroy Minera 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. Yamiri Gold And Energy Inc. COUNTRy Australia United Kingdom Canada Australia United Kingdom Canada Chile USA Canada Canada Canada Canada Canada Canada USA Canada Canada Canada Canada Canada Canada Canada Canada Peru Canada Australia Canada Canada Canada Canada Chile USA Australia USA Canada Australia USA Canada United Kingdom Brazil Canada Canada Canada USA Canada Canada USA Canada Switzerland USA Canada Switzerland Canada Canada 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 of Argentina) Owns 14 mines in Santa Cruz and 18 in Ro Negro Los Amarillos, Los Amiches (San Juan) No projects in Argentina / Development of 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 Peru El 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, Sofa, Julia (Neuqun) Los Azules (San Juan) Calcatreu (Ro Negro) Salar del Hombre Muerto (Catamarca) Development of mining prospects (San Juan) Development of 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 of projects in Peru No projects in Argentina / Development of projects in Guyana Development of projects in Peru Development of 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) Famatina, El Potro, Helvecia, El Oro (La Rioja) 29

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Doing Mining Business in Argentina

PASTORIZA EVINER CANGUEIRO RUIZ BULJEVICH ABOGADOS

5. Mining Activity in Argentina

PASTORIZA EVINER CANGUEIRO RUIZ BULJEVICH ABOGADOS

DOING MINING BUSINESS IN ARGENTINA

PASTORIZA EVINER CANGUEIRO RUIZ BULJEVICH ABOGADOS

DOING MINING BUSINESS IN ARGENTINA

PASTORIZA EVINER CANGUEIRO RUIZ BULJEVICH ABOGADOS

DOING MINING BUSINESS IN ARGENTINA

PASTORIZA EVINER CANGUEIRO RUIZ BULJEVICH ABOGADOS

DOING MINING BUSINESS IN ARGENTINA

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

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

PASTORIZA EVINER CANGUEIRO RUIZ BULJEVICH ABOGADOS

DOING MINING BUSINESS IN ARGENTINA

PASTORIZA EVINER CANGUEIRO RUIZ BULJEVICH ABOGADOS

DOING MINING BUSINESS IN ARGENTINA

PASTORIZA EVINER CANGUEIRO RUIZ BULJEVICH ABOGADOS

DOING MINING BUSINESS IN ARGENTINA

PASTORIZA EVINER CANGUEIRO RUIZ BULJEVICH ABOGADOS

DOING MINING BUSINESS IN ARGENTINA

PASTORIZA EVINER CANGUEIRO RUIZ BULJEVICH ABOGADOS

DOING MINING BUSINESS IN ARGENTINA

PASTORIZA EVINER CANGUEIRO RUIZ BULJEVICH ABOGADOS

DOING MINING BUSINESS IN ARGENTINA

PASTORIZA EVINER CANGUEIRO RUIZ BULJEVICH ABOGADOS

DOING MINING BUSINESS IN ARGENTINA

PASTORIZA EVINER CANGUEIRO RUIZ BULJEVICH ABOGADOS

DOING MINING BUSINESS IN ARGENTINA

PASTORIZA EVINER CANGUEIRO RUIZ BULJEVICH ABOGADOS

DOING MINING BUSINESS IN ARGENTINA

PASTORIZA EVINER CANGUEIRO RUIZ BULJEVICH ABOGADOS

DOING MINING BUSINESS IN ARGENTINA

PASTORIZA EVINER CANGUEIRO RUIZ BULJEVICH ABOGADOS

DOING MINING BUSINESS IN ARGENTINA

PASTORIZA EVINER CANGUEIRO RUIZ BULJEVICH ABOGADOS

DOING MINING BUSINESS IN ARGENTINA

PASTORIZA EVINER CANGUEIRO RUIZ BULJEVICH ABOGADOS

DOING MINING BUSINESS IN ARGENTINA

PASTORIZA EVINER CANGUEIRO RUIZ BULJEVICH ABOGADOS

DOING MINING BUSINESS IN ARGENTINA

PASTORIZA EVINER CANGUEIRO RUIZ BULJEVICH ABOGADOS

DOING MINING BUSINESS IN ARGENTINA

PASTORIZA EVINER CANGUEIRO RUIZ BULJEVICH ABOGADOS

DOING MINING BUSINESS IN ARGENTINA

PASTORIZA EVINER CANGUEIRO RUIZ BULJEVICH ABOGADOS

DOING MINING BUSINESS IN ARGENTINA

PASTORIZA EVINER CANGUEIRO RUIZ BULJEVICH ABOGADOS

DOING MINING BUSINESS IN ARGENTINA

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