Loading ...Pan American Silver gets long-awaited approval for $1 billion Argentina mine
New York-traded shares of Pan American Silver jumped as much as 8.6%, the most since May, after provincial lawmakers in Argentina paved the way for the company’s $1 billion Navidad silver mine.
Lawmakers in Chubut on Wednesday voted in favor of a zoning law allowing mining in the Gastre-Telsen zone of the province, where the Vancouver-based company has been planning to dig for silver.
“This is a first step after 19 years of waiting for the zoning law,” Ricardo Zarandon, country manager for Pan American, said in an interview.
The move by Chubut will be closely observed by global mining companies amid decades of wrangling in Argentine provinces, where they’ve been unable to dig up huge mineral resources because of environmental opposition and political infighting.
https://www.mining.com/web/pan-american-silver-gets-long-awaited-approval-for-argentina-mine/