Argentina
Argentina fights US order to pay $1.33 billion debt
The Economic and Finance Minister of Argentina, Hernán Lorenzino, held a press conference Nov. 22 indicating Argentina's intent to appeal a US judge's ruling ordering it to pay $1.33 billion to bondholders. District Judge Thomas Griesa for the US District Court for the Southern District of New York in his decision stated that "Argentina must pay the debts it owes." Lorenzino, in response to the ruling, stated during the press conference that the ruling was unfair and that Argentina will seek any and all methods to protect the country's interest. In addition, Lorenzino indicated that Argentina will appeal the ruling to the US Supreme Court if necessary and is willing to resort to any international body available.
Argentina: indignados occupy Buenos Aires
Hundreds of thousands of indignados—"indignant ones," as econo-protesters call themselves in Spain and Argentina—filled the streets of Buenos Aires and other cities in the South American country Nov. 8 to protest the government of President Cristina Fernández de Kirchner. The main focal point was the capital's iconic Obelisk Plaza, which was occupied by multitudes beating on pots and pans (cacerlazo), and chanting "We are not afraid!" Protesters opposed rising prices, corruption, and a proposed constitutional reform many fear will allow Fernández to hold onto power indefinitely by ending term limits. By popular consensus, the only banner at the protests was the national flag—to emphasize that it was an action of Argentines and not political parties.
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.












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