Argentina

Argentina freezes Chevron assets in Ecuador case

An Argentine judge on Nov. 8 embargoed the assets of Chevron corporation in the country, in a win for plaintiffs trying to collect on a $19 billion judgment against the company in Ecuador for environmental damage in the Amazon rainforest. Judge Adrian Elcuj Miranda upheld a petition filed by an Ecuadoran court under terms of a regional pact, the Inter-American Treaty of Extraterritorial Enforcement of Sentencies.  The embargo covers 100% of local subsidiary Chevron Argentina's stock—valued at roughly $2 billion—as well as its 14% stake in the company Oleoductos del Valle, 40% of the company's oil sales to refineries, and 40% of the funds it has deposited in Argentine banks. Chevron is the fourth-largest oil producer in Argentina, with output of 35,000 barrels per day in 2011.

Argentina: gold mine problems spook Barrick investors

Jamie Sokalsky, CEO of the Toronto-based Barrick Gold Corporation, announced on July 26 that major problems were delaying the opening of the company’s controversial Pascua Lama gold and silver mine, located in the Andes on both sides of the border between Argentina and Chile. The project will cost as much as $8 billion, he said, 60% more than previously projected, and gold won't be produced until mid-2014, a year later than expected. Barrick's stocks dropped quickly, although they recovered somewhat, ending the day down by about 4.32%. The mining giant’s shares have fallen by almost 33% since the beginning of the year. 

Argentina: activists continue struggle against 'mega-mining'

On July 20 soldiers, police and supposed "pro-mining activists" broke up an encampment that environmentalists and area residents had set up at Cerro Negro in the northwestern Argentine province of Catamarca to protest open-pit mining. The environmentalists--who came from Córdoba, La Rioja, Santa Fe, San Juan and Buenos Aires as well as from Catamarca—had camped out at the intersection of national highways 40 and 60 since July 9 to block trucks heading to the massive Bajo de la Alumbrera gold and copper deposit near the border with Chile. The protesters let other traffic pass.

Syndicate content