Argentina

Argentina's bonds and stocks soared on Tuesday, extending gains from the previous session. The expected meeting between U.S. president Donald Trump and Argentinean leader Javier Milei is expected to take place. Dollar bonds, the stock market, and the peso all rose on Monday, after U.S. Treasury secretary Scott Bessent stated that "all options" were available to Argentina. This included swap lines and direct currency purchase from Washington. MarketAxess data showed that Tuesday's bond moves lifted them up by as much as 2.3c before they began to retrace some of their gains. They were still more than one cent higher on...

The U.S. Court of Appeals granted Argentina's request on Friday to temporarily suspend a judge’s order that the country turn over its 51 percent stake in oil company YPF as partial satisfaction for a $16.1 billion verdict won by two investors. The 2nd U.S. The 2nd U.S. Circuit Court of Appeals, Manhattan, stayed U.S. district judge Loretta Preska’s June 30, 2010 turnover order until Argentina appeals. Argentina warned it could suffer irreparable damage and destabilize its economy if it sold its stake in YPF - the country's biggest energy company. The court of appeal did not give any reasons for...

The U.S. Government sided with Argentina in its effort to temporarily suspend a court order requiring it to turn over its 51 percent stake in the oil and gas company YPF as part of a $16.1-billion judgment won by two investors. In a late-night filing, the U.S. government informed the 2nd U.S. The 2nd U.S. Circuit Court of Appeals stated that it is in the public's interest to resolve the dispute on its merits "free of the rushed compulsion of a non-stayed turnover order, and any negative impact on U.S. Foreign Relations with Argentina." Petersen Energia Inversora, Eton Park Capital...

A U.S. court judge ordered Argentina on Monday to give up 51% of its stake in the oil and gas company YPF to satisfy a $16.1-billion judgment against it. U.S. District Court Judge Loretta Preska, in Manhattan, said Argentina had to transfer its YPF share within 14 days into a BNY Mellon account and instruct this bank to transfer those shares to the plaintiffs within one business day. Argentina appealed Preska's decision of September 2023 to award $16.1 billion to Petersen Energia Inversora, Eton Park Capital Management and litigation funder Burford Capital. Preska's ruling came the same day Argentina requested...

Argentina's mergers and acquisitions market could grow significantly in the coming years if President Javier Milei's economic reforms continue, Juan Tripier, director of M&A and corporate finance at PricewaterhouseCoopers (PwC) Argentina, told . Investors are showing renewed interest in Argentina after Milei's actions, which include a sharp reduction in inflation and government spending, a restored surplus fiscal, and loosened foreign exchange controls. "Two or three years ago, you would have contacted a multinational company, an investor from abroad, and Argentina was considered a bad name. This has changed since Milei was elected president," Tripier stated in an interview in Buenos...

YPF, the state-owned oil company in Argentina, reported on Friday a 15% increase in its adjusted earnings for the full year before interest, tax, depreciation, and amortization (EBITDA), which reached $4.65 billion. The company attributed this increase to a recovery in local fuel prices, an increase in oil exports, and the expansion of shale production. The company reported that oil production from Vaca Muerta - one of the world's largest shale gas and oil formations - would increase by 26% in 2024 to 122,000 barrels of oil per day on average, with 138,000 bpd during the last months of 2018....

Brazilian companies are looking for acquisition targets in Argentina while strengthening their staff and stores as a precautionary bet on the aggressive economic reforms of President Javier Milei that are starting to stabilize Argentina's crisis-ridden economy. Brazilian companies, such as consumer goods, services and oil, have said they plan to expand or launch new ventures in Argentina. The country is recovering from a decade of economic turmoil that has discouraged investment. Milei's strict austerity has helped to bring down triple-digit inflation and a large deficit, while also boosting investor confidence. The nation is still in recession and capital controls are...

Canada's McEwen Copper is hunting for financiers to raise $2.5 billion to move on with building of Los Azules copper mine in Argentina, company Vice President Michael Meding stated in an interview. McEwen Copper, part of McEwen Mining, is among numerous international companies seeking to draw out copper in the mountains of northern Argentina, an area mostly untapped for the product due to the nation's hard capital controls and volatile economy. A reward program under President Javier Milei is now spurring activity, including from significant gamers such as miner BHP, after the nation's only copper mine closed in 2018. Los...

The U.S. federal government sided with Argentina in urging a federal judge not to force the cashstrapped nation to quit its 51% stake in oil and gas business YPF to partially satisfy a $16.1 billion court judgment. In a Wednesday night letter, called a declaration of interest, to U.S. District Judge Loretta Preska in Manhattan, the Department of Justice said it has actually long argued that U.S. courts can not order the seizure of foreign sovereign home situated outside the United States. It also stated it would break sovereign immunity to need Argentina to turn over the shares to 2...

The U.S. government sided with Argentina in prompting a federal judge not to require the cashstrapped country to quit its 51% stake in oil and gas company YPF to partially please a $16.1 billion court judgment. In a Wednesday night letter to U.S. District Judge Loretta Preska in Manhattan, the Department of Justice stated it has long argued that U.S. courts can not order the seizure of foreign sovereign property located outside the United States. It likewise stated it would break sovereign immunity to need Argentina to turn over the shares to two financiers represented by litigation funder Burford Capital,...

5 years ago, Chevron CEO Michael Wirth won Wall Street honor as the No. 2 U.S. oil business quickly attained a market value larger than Exxon Mobil's after he refused to get into a bidding war with Occidental Petroleum over a rival. He was ahead of the game when the pandemic hit oil and gas need, requiring competitors to make deep cutbacks that Wirth had already taken on at Chevron. Its shares had actually outshined rivals for five years till 2022. Fast forward to 2024 and Wirth's legacy is in threat. Chevron's falling earnings no longer cover its dividends and...

India has raised the fundamental import tax on crude and fine-tuned edible oils by 20 portion points, the government stated on Friday, as the world's greatest edible oil importer attempts to assist secure farmers reeling from lower oilseed prices The move could lift edible oil prices and dampen need and consequently decrease abroad purchases of palm oil, soyoil and sunflower oil. After the duty walking announcement, Chicago Board of Trade soyoil extended losses and fell more than 2%. New Delhi on Friday imposed a 20% fundamental customs task on crude palm oil, crude soyoil and unrefined sunflower oil from Sept....

Javier Robeto, the country manager of Aldebaran Resources Canada, said that at least $1.5 billion will be needed to develop the Altar copper project located in northern Argentina. Robeto stated that the company will include this figure in its preliminary assessment of September. This will show Altar has about 32 billion pounds copper resources and approximately 6.7 million ounces gold resources. Aldebaran does not know if it will be able to spend the money in time to qualify under RIGI (the government's incentive program), which provides long-term tax breaks as well as access to international dispute tribunals for investments above...

BHP and Lundin intend to apply soon for a new Argentine incentive scheme for their Vicuna Copper Project, but executives at a mining convention this week expressed concern that they might be left out by the program's deadline of a year. The Large Investment Incentive Program, or RIGI in Argentina, was implemented by President Javier Milei on October 1, 2018. It offers long-term tax breaks as well as access to international dispute tribunals for investments above $200 million. The program will last until July 2026, with the possibility of an additional year. The mining companies welcomed the measure, which they...

The Argentine government approved the $217 million project by Australian miner Galan Lithium in Catamarca for a new incentive program called RIGI. However, it rejected a bid from China's Ganfeng to build its Mariana lithium project. Why it's important Last year, the Incentive Regime for Large Investments (RIGI) was implemented as part of President Javier Milei’s efforts to encourage investments in the troubled economy. The RIGI offers benefits such as tax breaks and access international dispute courts for eligible projects. Global mining companies have been watching closely to see if the scheme will encourage investment in the copper industry that...

The president of the Argentine Chamber of Mining Companies, CAEM, predicted that Argentina's mining exports would exceed $5 billion by 2025. This is up from $4.6 in 2024. Roberto Cacciola, in an interview with he said that the main mining exports of Argentina, gold and silver, would remain the same or even decline slightly by 2025, due to the maturation process for mining projects. However, the rising prices would make up the volume decrease. Cacciola stated that the mining exports could reach $5 or $5.2 billion this year. He said that he expected the opposite for lithium. He expects a...

Ternium, an American steelmaker with a large business in Mexico, demanded on Wednesday that the terms of a trade agreement for the region be strengthened ahead of a review. This was despite the current challenges posed by steel tariffs levied by President Donald Trump's government. Why it's important Steel products are subject to a 50% tariff on all shipments from Mexico into the U.S., but shipments from Mexico under the U.S. Mexico-Canada (USMCA), trade agreement, are exempted from tariffs. Last week, it was reported that the U.S. is negotiating with Mexico to reduce or remove steel tariffs for imports of...

The Argentine government approved on Tuesday a $2.5billion lithium mining project of Anglo-Australian Rio Tinto. This is the first mining project to be approved under a newly introduced investment incentive program. Daniel Gonzalez, the secretary for mining and energy coordination in Argentina, announced the approval of Rio Tinto’s Rincon project in northern Salta Province under the RIGI scheme at a press conference in Buenos Aires. The mining industry in Argentina has expressed concern over the delays in the approval of seven projects that have been submitted to the government after the RIGI programme was launched nine-months ago. Roberto Cacciola of...

Frank Monzon, a Peruvian miner, was well aware of the risks involved in his work. However the allure of gold deep within the Andean rock that covers the northern Pataz Province outweighed them. He and 12 other miners are now dead in the worst mining massacre in Peru's history. The authorities in Peru's gold rich north halted mining activities this week and sent the military in after the police recovered the bodies from the Lidmar Mine after they had been kidnapped and murdered by illegal miners a month ago. Lidmar worked in agreement with Poderosa, Peru’s second largest gold producer....

Eramet, a French mining company, maintained its full-year production targets on Thursday despite lower manganese and Nickel volumes which contributed to flat sales in the first quarter. The company reported quarterly sales adjusted to 742 million euros (842 million dollars) and said that sales volumes at its manganese mining in Gabon were down 15% on an annual basis due to a strike by workers and logistical issues at Owendo Port. Eramet, the Indonesian nickel ore miner, attributed this decline to destocking of local processing plants. The Chairwoman and CEO Christel Bories also attributed the "more difficult" than expected first quarter...

V.L., the Mines Secretary, said that India is looking at mining critical minerals in Zambia and Australia. Kantha Rao stated on Thursday that the fastest growing major economy in the world is looking to secure raw minerals such as lithium. Rao stated that companies like Coal India and ONGC Videsh explore critical minerals in Australia. India has been working to reduce its dependence on minerals like lithium, which is key for energy transition technologies. India is still developing the technology for processing lithium, a field dominated by China. Rao, in a press conference, said that the Zambian government had recently...

McEwen Copper is a Canadian subsidiary of McEwen Mining. It has requested to be included in an Argentine incentive program, which would provide significant tax breaks on its Los Azules Copper Project located in San Juan Province. McEwen intends to invest $2.7billion in the mine. The Argentine Government's Large Investment Incentive Regime has allocated $227 million to the project. This money will be used for the feasibility study of the mine, exploration work, and construction preparation. If approved, the company could invest an additional $2.5billion in the site for the construction of the mine and production facility under the incentives...

Production cutbacks by lithium companies in response to low costs for the metal have tightened supply forecasts, however a worldwide surplus is still expected for 2024 and 2025, Chilean copper commission Cochilco stated on Thursday. The global market was expected to post a surplus of 89,000 lots of lithium in 2024 and 141,000 lots in 2025, according to a. report from Cochilco, Chile's government firm for mining. studies. Chile is the world's second-biggest producer of lithium, a secret. part for electric vehicle batteries. U.S.-based Albemarle. and Chile's SQM are the only business. extracting lithium in the South American nation. The...

AngloAustralian mining huge Rio Tinto prepares to produce a. standalone lithium department after it closes its $6.7 billion. acquisition of Arcadium Lithium, according to an. internal memo seen . The strategy reflects how carefully connected Rio CEO Jakob Stausholm. and his management group believe lithium is to the business's. future and the high worth they put on Arcadium's engineers as. part of the offer. Arcadium's investors authorized the sale last month and. closing is anticipated by July. The new company, Rio Tinto Lithium, will assume control of. Rio's $2.5 billion Rincon job in Argentina however not its. controversial Jadar lithium...