Argentina








Energy Markets

Fossil Fuels

Oil & Gas

Investors suggest alternatives to YPF in dispute between US and Argentina

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...

Oil & Gas Refining

The US Court of Appeals temporarily suspends Argentina's 51% stake in YPF

The U.S. Court of Appeals on Tuesday temporarily suspended an order by a judge that Argentina hand over its 51% share in the oil and gas company YPF as partial satisfaction for a $16.1-billion judgment. The 2nd U.S. The 2nd U.S. The appeals court stated that Argentina had until July 22nd to respond. The dispute arose from Argentina's 2012 acquisition of the YPF stake by Repsol, a Spanish company, without making a bid to Petersen or Eton Park. Both were minority shareholders. Burford Capital is representing these shareholders. Burford Capital has stated that it expects to receive between 35% and...

Oil & Gas Refining

US Judge delays the transfer of Argentina's 51% YPF stake in order to allow an appeal

A U.S. Judge on Monday temporarily halted the enforcement of her order requiring Argentina's 51% stake in the oil and gas company YPF as partial satisfaction of a $16.1 Billion court judgment. The U.S. District judge Loretta Preska, while criticizing Argentina's actions and extending the deadline for the completion of the turn-over by three days until July 17, has pushed back Monday's deadline. She stated that the delay was only to allow Argentina to file a complaint with the 2nd U.S. Circuit Court of Appeals of Manhattan. Argentina filed an Emergency appeal On July 10, the court heard a case....

Fossil Fuels

US Court of appeal delays the sale of Argentina's 51% YPF share

A U.S. Judge on Monday temporarily halted the enforcement of an order requiring Argentina's 51% stake in oil company YPF as partial satisfaction of a $16.1 Billion court judgment. The U.S. District Court Judge Loretta Preska's decision in Manhattan provides temporary relief for the cash-strapped South American nation, which warned that its economy would be unstable if it was forced to give up YPF's stake. Preska had originally scheduled a turnover for Monday but extended the deadline until July 17 in order to give time to appeal. Argentine president Javier Milei is trying to boost foreign currency reserves, rein in...

Oil & Gas Refining

Argentina appeals U.S. Court Order to Transfer 51% YPF Share

According to a Thursday court filing, Argentina has filed notice of its appeal against a U.S. ruling ordering the country to surrender the 51% stake in the state energy company YPF. The notice was filed at the U.S. District Court for the Southern District of New York and appeals a Judge Loretta Preska's decision requiring Argentina hand over shares in partial satisfaction of a $16.1 billion judgment over the state takeover in 2012 of YPF. The case revolves around Argentina's seizure by Repsol of a 51 percent stake in YPF without making a bid to minority shareholders Petersen Energia Inversora...

Oil & Gas

US Judge orders Argentina to transfer YPF Shares to satisfy $16.1 Billion judgment

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...

Fossil Fuels

Argentina asks UK Court to stop enforcement of $16 billion oil company seizure in case

The Argentinian Government has requested that the High Court of London halt the enforcement of a United States court judgement of more than $16 billion over the expropriation by the oil and gas firm YPF pending the outcome of an appeal filed in the U.S. In 2023, the South American nation was ordered to pay minorities shareholders $16 billion as a result of its seizure in 2012 of a 51 percent stake in YPF owned by Spain's Repsol. This occurred without any tendering by minority investors. Petersen Energia Inversora, Eton Park Capital Management and Burford Capital were able to win...

Oil & Gas

PwC: Argentina to experience a boom in M&A under Milei with energy as the focus

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...

Fossil Fuels

CERAWEEK - Petrobras looks for opportunities in Argentina, Colombia and Africa

Sylvia dos Anjos, head of exploration and production at Petrobras, said that the company is looking for opportunities in Argentina and is also advancing projects in Colombia and Africa. Anjos, speaking at the CERAWeek Conference in Houston, said that the gas from the Vaca-Muerta region could be of interest to Petrobras, as a pipeline linking Argentina, Bolivia, and Brazil can be used to transport the gas. She said the company could also search for oil opportunities abroad, since Petrobras is actively seeking to replenish its reserves of oil through overseas projects due to difficulties in obtaining environmental permits to drill...

Oil & Gas

Brazil Inc. places cautious bets on Argentina's turnaround under Milei

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...

Fossil Fuels

Argentina privatizes state metal company in Milei era

Argentina's government has privatized metallurgical firm IMPSA, the economy ministry stated on Wednesday, marking its first privatization considering that libertarian President Javier Milei took power just over a year ago guaranteeing to diminish the state. The company's shares will be moved to the U.S.-based consortium Industrial Acquisition Fund (IAF), whose leading partner is Arc Energy, according to an official announcement on Wednesday. A government commission evaluated quotes for IMPSA's sale and recommended awarding shares held by provincial and national governments to the IAF consortium. Milei campaigned on pledges to downsize Argentina's government by cutting and privatizing state-owned companies state financing...

Natural Gas Utilities

Brazil and Argentina consent to studies on gas exports from Vaca Muerta, says source

Brazil and Argentina signed a memorandum of understanding (MOU) on Monday to study the advancement of infrastructure for natural gas exports to Brazil, according to a source near to the matter. The MOU will create a working group to identify the steps needed to make the supply of gas from Argentina to Brazil practical, with emphasis on gas from Argentina's huge Vaca Muerta development, Brazil's Energy Ministry said in a statement revealing the agreement was to be signed. The working group will evaluate possible paths for the gas to reach Brazil, including the turnaround of flow of Bolivia's. pipeline, a...

Environment

Climate Change

South America is shivering in the cold as Europe sizzles

While Europe and North America suffer through heatwaves, South America is experiencing a similar extreme weather event at the opposite end: a sudden freezing snap. On Tuesday morning, residents of Buenos Aires bundled up in scarves and wore wooly hats as they sipped warm drinks while frost covered cars. The temperatures in the city fell below zero. This is a rare occurrence, even during the winter in the Southern Hemisphere which is now underway and runs in opposition to the seasons in the Northern Hemisphere. Juan Manuel Amnini wore a gray hat with a wool face cover to protect himself...

Environment

The UN honors South America's camelids as heroes of the high plateau

Llamas and alpacas are being celebrated as the heroes of South America's high plateaus because they have adapted to harsh climates and environments, and their value is cultural, economic, and ecological. Early May, representatives from Chile, Bolivia and Ecuador met in Antofagasta, a city in northern Chile, to celebrate animals and improve management strategies. The meeting was sponsored by the U.N. Food and Agriculture Organization. Andres Gonzales, regional officer of Animal Health and Production for the FAO said that these animals were considered heroes because they thrived in harsh environments like the high plateau. They have a natural toughness that...

Environment

Argentina's soybean crop could suffer'significant losses" after storms

The Buenos Aires grain exchange warned on Monday that Argentina's soybean crop for 2024/25 could be affected by "significant losses" due to recent storms in the northwestern Buenos Aires Province. This may force the exchange to reduce its forecast. The exchange estimates the soybean crop to be a respectable 50 million metric tonnes, but stated in its report that heavy rains may further delay harvesting the grain which is already slow and could cause damage to plants. The exchange reported in a report on the storms' impact that 730,000 hectares (about 1.8 million acres) of soybeans are still unharvested in...

Mining

Mineral Resources

Mineral Resources

BHP and Lundin are requesting Argentina incentives but other miners fear they will miss out

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...

Mineral Resources

Argentina rejects Ganfeng Lithium but approves Galan Lithium as part of its incentive scheme

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...

Mineral Resources

Argentina's mining exports will top $5 billion by 2025, despite lithium struggles. Industry body claims

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...

Mineral Resources

Ternium, a steelmaker, wants a stronger USMCA in the face of tariffs

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...

Mineral Resources

Argentina approves $2.5 bln Rio Tinto lithium mining project

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...

Mineral Resources

Grisly Peru mine murders highlight 'golden curse' in Andes

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....

Mineral Resources

Mining group Eramet keeps 2025 output targets despite Q1 setbacks

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...

Mineral Resources

Official: India is exploring for critical minerals in Zambia and Australia

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...

Mineral Resources

McEwen Copper asks for major tax breaks on Los Azules Copper mine in Argentina

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...

Mineral Resources

Chile's mining firm expects another global lithium surplus this year

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...

Mineral Resources

Rio Tinto to form new lithium unit after Arcadium buy, memo says

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...

Mineral Resources

Financial Times - Dec 13

The following are the top stories in the Financial Times. Reuters has not confirmed these stories and does not attest their precision. Headings - HSBC evaluates retail banking outside UK and Hong Kong - De La Rue in talks over stake with Edi Truell-backed financiers - Rio Tinto to invest $2.5 bln in latest dedication to lithium - Lead overhauls charges for UK investors Introduction - HSBC is reviewing its retail banking operations outside the UK and Hong Kong, a move that might see it considerably downsize operations in nations including Mexico, as it seeks additional expense cuts. - Banknote...