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PARTNERS IN TRAVEL AND TOURISM IN CZECH REPUBLIC: Prague:drive!
Driving a Ferrari, a Porsche or an Aston Martin is still a dream for many guests of our incentive programmes.
Nowadays, Prague has an infrastructure and a wide selection to satisfy even the most curious clients, just 30 minutes away from the city center.
Pilots will start the 30 minute session by a test drive in a closed circuit, before heading out onto the roads nearby.
The offer of a "sports car" includes: Ferrari 430, Audi R8, Porsche 911 Turbo, Ford GT 40 Mansory Aston Martin DB 9, etc ...
Prague:Fly!
Learn to flyin the wind tunnelin Prague, the latest one in Europe! Theskydivearena in Prague hoststhe largestskydivingchampionswho come here to train and refine the movements they will make later in the air. The feelingsare the same asduring a jump, but the level of safety is higher.It is aunique experience to experience (there are only 3 wind tunnels operatingin Europe).
Prague:vibrate!
The Ice Bar is as its name suggests a frozen bar: ice and nothing but ice (from decor to glassware).
The Ice bar in Prague is no exception to the rule! The maximum of 30 guests will be equipped with quilted jackets, gloves and fur hats in order to experience 30 minutes of the freezing temperature of -7 ° c, same as the freezer!
However, this is primarily a bar, and you will have an opportunity to enjoy a beer or another drink.
Dizak Ketex , Rubesova 10, 120 00 Praha 2.
Tel. : 00 420 737 09 00 10
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UNO News Net: DIGITAL MEDIA BUSINESS: Rogers Radio Stations #1 In Online Traffic Across Canada
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Los lideres de Alemania, Francia, Italia y España se han reunido y han anunciado que se va a destinar el 1% del PIB europeo, unos 130.000 millones de euros, a un paquete para el crecimiento
CUMBRE DE ROMA
Los lideres de Alemania, Francia, Italia y España se han reunido este viernes en Roma para forjar un consenso sobre medidas que estabilicen la zona euro e impulsen el crecimiento a una semana de la cumbre europea prevista para el 27 y 28 de junio. El primer ministro italiano, Mario Monti, ha anunciado que se va a destinar el 1% del PIB europeo, unos 130.000 millones de euros, a un paquete para el crecimiento. "El objetivo es el relanzamiento del crecimiento y la creación de puestos de trabajo", ha dicho.
La cumbre a cuatro en Roma ha puesto de manifiesto el compromiso de movilizar todos los mecanismos necesarios para lograr la estabilidad financiera, y también, la negativa reiterada de la canciller alemana, Angela Merkel, a que la UE preste dinero directamente a los bancos. Berlín considera que los garantes de las ayudas deben ser los Estados.
Merkel ha recordado los esfuerzos que ya se han hecho para salvar el euro, "del que nos hemos beneficiado todos", ha explicado. "Ahora es necesario usar ese 1% del PIB para el crecimiento. Es la señal correcta", en este momento, ha apostillado. "A medio y largo plazo tenemos que estrechar nuestros lazos, tenemos que hacer una política común coherente, abogar más por esa unión política", ha subrayado. "La Europa de la crisis es más Europa", ha resumido.
A la hora de detallar de dónde saldrán esos fondos, los cuatro dirigentes están de acuerdo en sacar adelante lo antes posible la tasa sobre transacciones financieras.
El presidente del Gobierno español, Mariano Rajoy, ha destacado la voluntad de que haya "más Europa, una unión bancaria, económica, fiscal y política", dada la "irreversibilidad del euro". Rajoy ha mostrado su satisfacción por los acuerdos alcanzados: "Me voy enormemente contento de esta reunión". También ha explicado que tanto el fondo de rescate como el Banco Central europeo pueden comprar deuda en el mercado secundario, pero se ha negado a entrar en detalles.
Por su parte, el presidente francés, François Hollande, ha dicho que es importante plantear un calendario para que se haga efectiva esa ayuda. "Las cuatro principales economías de la zona euro hemos adoptado esta perspectiva de crecimiento, conscientes de que tenemos que mandar una señal de cohesión y solidaridad. Eso es lo que hemos hecho hoy", ha afirmado. "La prioridad es el crecimiento, aunque considero que hay que hacer esfuerzos presupuestarios en Francia, pero no puede ser todo austeridad".
La presión sobre la deuda soberana de España e Italia ha remitido en los últimos días por la generalizada expectativa de los mercados de que los líderes europeos adopten medidas estabilizadoras en esa importante cumbre. Sobre el caso español se ha pronunciado Merkel, que mantiene su postura de rechazo hacia la posibilidad de que se preste directamente dinero a los bancos escudándose en que lo impiden los Tratados, y ha manifestado que es el Estado español el que debe ser el garante de la ayuda, porque es el único que puede controlar esos fondos.
La agenda de la cumbre tenía previstas discusiones acerca de cómo avanzar en la unión fiscal y bancaria y podría ser la sede para definir los importantes detalles todavía abiertos en el paquete de ayuda puesto a disposición de España y destinado a recapitalizar su sistema financiero. Las auditorías encargadas por el Gobierno español y el Banco de España han concluido que las entidades financieras españolas necesitan entre 51.000 y 60.000 millones de euros. Europa ha puesto a disposición de Madrid hasta 100.000 millones.
La cumbre de Roma se celebra mientras la presión internacional sobre los líderes europeos se intensifica rápidamente. La directora general del Fondo Monetario Internacional, Christine Lagarde, reclamó anoche rápidos progresos en la unión bancaria y abogó abiertamente por medidas de mutualización de la deuda europea, a la que Berlín se opone radicalmente. La gerente del FMI enumeró explícitamente varias medidas consideradas como anatemas en Alemania, incluida una petición al Banco Central Europeo para que adopte una política monetaria "creativa" ante la agudez de la crisis europea.
Estados Unidos también ha progresivamente incrementado la presión sobre los líderes europeos para que adopten medidas que estabilicen las turbulencias que afectan también a la recuperación de la economía estadounidense.
En círculos diplomáticos se espera que François Hollande, Mario Monti y Mariano Rajoy aprovechen estas presiones internacionales para reforzar su pulso con Angela Merkel y obtener de la canciller alemana una posición más flexible de cara a la próxima cumbre del Consejo Europeo.
ECONOMIA MUNDIAL 2012: Italia y España se encaminan a rescates completos, según Fidelity
Es probable que ambos sufran reveses en subastas de deuda el año próximo, lo que obligará a las autoridades europeas a buscar financiamiento oficial para los dos a los efectos de mantener la unión de la zona del euro, dijo Stuttard, jefe de administración de cartera internacional de bonos de Fidelity, en una entrevista telefónica.
22/06/2012 - 08:20
Italia y España, que constituyen más de la cuarta parte de la economía de la zona del euro, se encaminan a un rescate soberano en los próximos 12 meses, lo cual afectará la economía global, dijo Jamie Stuttard, de Fidelity Investments
Es probable que ambos sufran reveses en subastas de deuda el año próximo, lo que obligará a las autoridades europeas a buscar financiamiento oficial para los dos a los efectos de mantener la unión de la zona del euro, dijo Stuttard, jefe de administración de cartera internacional de bonos de Fidelity, en una entrevista telefónica.
Las dos mayores economías del sur de Europa tienen 2,8 billones de euro (US$3,6 billones) de deuda gubernamental, cuatro veces el total de Grecia, Portugal e Irlanda, lo que amenaza con desbordar las defensas de crisis europeas. Respaldarlas podría afectar la solvencia de Alemania a menos que los funcionarios permitan que la inflación se acelere para reducir el valor real de su préstamo o que la moneda se debilite e impulse las exportaciones, dijo Stuttard.
“Ahora se trata de los países grandes”, dijo. “Un rescate para Italia es imposible si no hay un cambio importante de los costos crediticios alemanes, en el nivel general de inflación de la zona del euro, en el nivel del euro o en la estructura de la zona del euro”.
Los rendimientos de los bonos de España a 10 años alcanzaron el 18 de junio un récord de la era del euro, 7,285%, mientras que los rendimientos de referencia de Italia llegaron a 6,342 el 14 de junio, el nivel más alto en alrededor de cinco meses.
ANÁLISIS HISTÓRICO
Es probable que ambos sufran reveses en subastas de deuda el año próximo, lo que obligará a las autoridades europeas a buscar financiamiento oficial para los dos a los efectos de mantener la unión de la zona del euro, dijo Stuttard, jefe de administración de cartera internacional de bonos de Fidelity, en una entrevista telefónica.
Las dos mayores economías del sur de Europa tienen 2,8 billones de euro (US$3,6 billones) de deuda gubernamental, cuatro veces el total de Grecia, Portugal e Irlanda, lo que amenaza con desbordar las defensas de crisis europeas. Respaldarlas podría afectar la solvencia de Alemania a menos que los funcionarios permitan que la inflación se acelere para reducir el valor real de su préstamo o que la moneda se debilite e impulse las exportaciones, dijo Stuttard.
“Ahora se trata de los países grandes”, dijo. “Un rescate para Italia es imposible si no hay un cambio importante de los costos crediticios alemanes, en el nivel general de inflación de la zona del euro, en el nivel del euro o en la estructura de la zona del euro”.
Los rendimientos de los bonos de España a 10 años alcanzaron el 18 de junio un récord de la era del euro, 7,285%, mientras que los rendimientos de referencia de Italia llegaron a 6,342 el 14 de junio, el nivel más alto en alrededor de cinco meses.
ANÁLISIS HISTÓRICO
“Se produce un impago de tanto en tanto”, dijo, haciendo referencia a la deuda gubernamental. “La idea de que está libre de riesgo es algo relativamente reciente”.
Stuttard, que se incorporó a Fidelity el año pasado y se desempeñaba antes en Schroder Investment Management Ltd., se negó a hacer comentarios sobre sus valores. Dijo que es “en extremo pesimista” respecto de la deuda de los países periféricos. Fidelity es la mayor firma administradora de los planes de retiro 401(k) de los Estados Unidos y gestiona alrededor de US$1,6 billones de activos.
El primer ministro italiano Mario Monti y su par español Mariano Rajoy instan a la canciller alemana Angela Merkel a permitirles emitir bonos con respaldo de los 17 miembros de la zona del euro a los efectos de hacer más sostenibles sus costos crediticios. Rajoy también pidió al Banco Central Europeo que compre bonos españoles para reducir los costos crediticios del país.
Merkel dijo el 3 de junio que “bajo ninguna circunstancia” aceptaría que Alemania respaldara los llamados eurobonos, mientras que el presidente francés François Hollande ha apoyado el plan. Los costos crediticios alemanes han trepado este mes 32 puntos básicos luego de alcanzar el 1 de junio el nivel más bajo desde la reunificación.
“La forma en que se resuelvan los diferentes problemas en los próximos seis a 12 meses tendrá importantes ramificaciones en Alemania y Francia, pero también en Gran Bretaña y en el mundo”, dijo Stuttard.
CAPITAL MARKETS: U.S. stocks bounced back at Friday's open, a day after fears of slow global growth and bank downgrades sent stocks spiraling downward
NEW YORK, United States.- U.S. stocks bounced back at Friday's open, a day after fears of slow global growth and bank downgrades sent stocks spiraling downward.
The Dow Jones industrial average (INDU) rose 63 points, or 0.5%, the S&P 500 (SPX) added 5 points, or 0.4% and the Nasdaq (COMP) edged up by 10 points, or 0.4% as markets opened.
Investors may be feeling a little relief to get Moody's bank downgrades out of the way but worries about Europe's debt crisis persist.
The downgrades included five major U.S. banks -- Citigroup (C, Fortune 500), Morgan Stanley (MS, Fortune 500), Goldman Sachs (GS, Fortune 500), Bank of America (BAC, Fortune 500) and JPMorgan Chase (JPM, Fortune 500). Shares of Citi, Bank of America, Goldman Sachs and JPMorgan gained between 1% and 2%. Morgan Stanley rose more than 2% as after it's rating was cut by two, rather than the feared three, notches.
Peter Cardillo, chief market economist at Rockwell Global Capital, said he's not surprised by the recovery in bank stocks."It was old news, and it was already discounted by the markets," he said. "At this point, do rating agencies really make a difference?"
Meanwhile, worries about Spain persist after an independent audit, released Thursday, found that Spanish banks need up to €62 billion to restore stability to the country's financial sector.
And Germany, the healthiest and largest eurozone economy, may start to draw some attention. The German Ifo business confidence index fell to its lowest level in more than two years -- worse than expected. The news comes one day after a purchasing managers index showed conditions deteriorating for the second month, with output declining at the fastest rate in three years.
CNNMoney's Fear & Greed index still showed fear but was moving ever closer to extreme fear, with a reading of 30 vs. Monday's reading of 38.
Cardillo said investors are likely to remain focused on Europe Friday. Leaders of Germany, France, Spain and Italy are in Rome, but few expect any kind of decision on the debt crisis to come from the meeting. "Today we have the big four meeting in Rome. That could set the tone for some common ground entering into next week's EU summit," he said. "Until we have these fear factors subside, it's going to be tough going for markets."
U.S. stocks closed sharply down on Thursday, as investors fretted over slowing global growth and the impending Moody's downgrades. The Dow suffered its second worst day of the year.
World markets: European stocks slid in morning trading. Britain's FTSE 100 (UKX) and the DAX (DAX) in Germany both edged lower by 0.5%, while France's CAC 40 (CAC40) decreased by 0.2%.
Most of the major European banks that were downgraded, including Deutsche Bank (DB), Barclays (BCS) and BNP Paribas (BNPQY), were all up less than 1% in their home markets Friday.
Asian markets ended in the red. The Hang Seng (HSI) in Hong Kong dropped 1.4% and Japan's Nikkei (N225) edged lower 0.3%. The Shanghai Composite (SHCOMP) was closed for a holiday.
Economy: There are no major economic reports scheduled for Friday.
Companies: Shares of transportation company Ryder Systems (R, Fortune 500) slid nearly 12% after company lowered its earnings outlook for the second quarter and fiscal year 2012, citing declining demand for its commercial rental vehicles.
Shares of Darden Restaurants (DRI, Fortune 500) fell after the operator of Red Lobster and Olive Garden warned than earnings and revenue in the current fiscal year will fall short of estimates.
Cruise line operator Carnival (CCL) reported earnings that topped estimates and issued an upbeat outlook for the year.
Currencies and commodities: The dollar fell versus the euro and the British pound, but edged higher against the Japanese yen.
Oil for August delivery rose 75 cents to $78.95 a barrel. Gold futures for August delivery rose $3 to $1,568.50 an ounce.
Bonds: The price on the benchmark 10-year U.S. Treasury fell slightly, pushing the yield up to 1.65% from 1.62% late Thursday. 
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GLOBAL ECONOMY 2012: Some of the world's biggest banks were downgraded Thursday by rating agency Moody's, which cited concerns about the stability of the global financial system
NEW YORK, United States.-Some of the world's biggest banks were downgraded Thursday by rating agency Moody's, which cited concerns about the stability of the global financial system.
Moody's cut the ratings of 15 financial institutions after U.S. markets closed Thursday, including giants like Bank of America, Goldman Sachs and JPMorgan.
Moody's review of the banks, announced in February, was prompted by a "reassessment of the volatility and risks that creditors of firms with global capital markets operations face." Among the risks Moody's cited were "more fragile funding conditions, wider credit spreads, increased regulatory burdens and more difficult operating conditions."
The news comes amid continued anxieties over Europe's debt crisis and the havoc it could wreak on global markets.
The downgrades could raise costs for the banks, making it more expensive for them to borrow money.They may also make it more difficult for the banks to sell their commercial paper to money market funds. Commercial paper is a form of borrowing that banks and other companies use to meet their short-term cash needs.
At the very least, downgrades are a source of concern for investors. Shares of major banks including Bank of America (BAC, Fortune 500), Goldman Sachs (GS, Fortune 500), JPMorgan (JPM, Fortune 500), Morgan Stanley (MS, Fortune 500), Citigroup (C, Fortune 500) and Deutsche Bank (DB) dropped between 1.7% and 3.9% in trading Thursday as downgrade rumors swirled.
Shares gained some ground back in after-hours trading, however. Morgan Stanley, in particular, rose 3.4% after hours, after Moody's downgraded it only two notches. In February, Moody's said the bank could face a three-notch downgrade, which would have significantly increased its costs. Relief about Morgan Stanley likely spurred other financials higher in after-hours trading as well, said Eric Kolchinsky, an independent consultant and former managing director at Moody's.
"The system is still extremely inter-connected, so I think there was some concern that if something happened to Morgan Stanley, it could affect the other banks as well," Kolchinsky said.
Moody's grouped the 15 institutions downgraded Thursday into three categories based on their relative credit-worthiness.
In the strongest group are JPMorgan, HSBC and the Royal Bank of Canada, which Moody's said had solid capital buffers and "contained" exposure to the European crisis. Moody's also said these banks demonstrated solid risk management during the financial crisis.
In the second group are Barclays, BNP Paribas, Credit Agricole, Credit Suisse, Deutsche Bank, Goldman Sachs, Societe Generale and UBS. Moody's said these firms had varying risk factors, ranging from high dependence on capital markets operations to limited liquidity and exposure to Europe.
The weakest group includes Bank of America, Citigroup, Morgan Stanley, and Royal Bank of Scotland (RBS). Moody's said firms in this group had experienced problems with volatility and risk management, and in some cases had weaker buffers than their peers in the industry.
BofA and Citi are now rated just two notches above junk status, while Morgan Stanley sits three notches above.Morgan Stanley said in a statement that the Moody's ratings "do not fully reflect the key strategic actions we have taken in recent years." Citi called its two-notch downgrade "arbitrary and completely unwarranted."
Royal Bank of Scotland, which was downgraded one notch, said it had made "significant progress in strengthening its credit profile since 2008."
JPMorgan and Deutsche Bank declined to comment, while Goldman and Bank of America did not respond to requests for comment.
The other major rating agencies, Standard & Poor's and Fitch, cut their ratings on some of the largest U.S. banks at the end of last year. Banks have been trying to assure investors that they're ready for any further downgrades ever since Moody's announced its review of the sector back in February.
Thursday's move follows action by Moody's on banks across Europe over the past few weeks, including ratings cuts of German and Austrian banks earlier this month and downgrades of banks in Denmark, Sweden and Finland at the end of May.
Thursday's move follows action by Moody's on banks across Europe over the past few weeks, including ratings cuts of German and Austrian banks earlier this month and downgrades of banks in Denmark, Sweden and Finland at the end of May.
The ratings of institutions in nations facing the most serious sovereign debt issues -- namely banks in Spain, Italy and Greece -- have already been downgraded by most of the ratings agencies several times.
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CANADIAN ECONOMY 2012: inflation rate tumbled to its lowest level in almost two years last month, falling to 1.2 per cent as Canadians paid less for gasoline, video equipment and some types of clothing, while price gains in many other consumer goods moderated
Economists had expected a big decline in inflation in May from April’s two per cent, but the actual drop was much steeper and took the consumer price index to the lowest level it’s been since June 2010.
May also saw prices fall outright on a month-to-month basis, meaning the basket of about 175 goods and services that Statistics Canada surveys cost 0.1 per cent less overall in May than it had in April.
Bank of Canada governor Mark Carney said this week he expected prices to dip below his two per cent target in the short term, given the recent drop in world oil prices, but that the underlying core rate — which excludes volatile items such as energy — would hover near the target. He was right on both counts, as core slipped to 1.8 per cent from 2.1 in April.
The combination of softening prices, a weakening global economic outlook and Ottawa’s surprising clampdown on home mortgage rules on Thursday likely takes away any pressure Carney might have felt to start raising interest any time soon. Several economists said this week that given the U.S. Federal Reserve’s continuing dovish position, the Bank of Canada may keep it’s policy setting at one per cent until 2014.
May’s inflation plunge was mostly attributable to gasoline prices, which were 2.3 per cent lower than May 2011, the first outright decline in 23 months. Gas prices also dropped on a monthly basis, dipping 3.5 per cent from April.
As well, women’s clothing slipped 3.2 per cent from last May, fresh vegetables cost 7.1 per cent less, video equipment plunged 13.3 per cent and the price of natural gas fell 16.6 per cent.
Price increases in May included food, up 2.5 per cent; electricity, 5.4 per cent higher; meat, up 6.1 per cent; homeowner replacement costs, up 2.4 per cent, and automobiles, which cost 1.7 per cent more than last year.
In all, seven of the eight major components tracked by Statistics Canada rose, but many by less than a month earlier.
On a monthly basis, women’s clothing, natural gas, automobiles and bakery products were all less expensive in May than they were in April, although there were also increases, particularly in traveller accommodation, fresh fruit, meat and electricity.
Regionally, inflation moderated in all provinces last month. Newfoundland and Labrador continued to post the highest inflation in the country at 2.5, while Alberta remained the lowest at 0.4 per cent.
GLOBAL BUSINESS: Lan y Tam completan su fusión y dan origen a Latam Airlines Group
La fusión de ambas compañías, ofrecerá más destinos que cualquier otro grupo de aerolíneas de la región, llegando a alrededor de 150 destinos en 22 países y transportando carga a 169 destinos en 27 países.
22/06/2012 - 08:55
L
an Airlines y la brasileña Tam informaron este viernes que han concluido exitosamente el proceso de intercambio de acciones a través del cual han combinado sus negocios y han creado Latam Airlines Group La fusión de ambas compañías, ofrecerá más destinos que cualquier otro grupo de aerolíneas de la región, llegando a alrededor de 150 destinos en 22 países y transportando carga a 169 destinos en 27 países.
Tal como se anunció con anterioridad, la transacción fue llevada a cabo mediante una oferta de intercambio de acciones, en la cual los accionistas de Tam tuvieron la opción de intercambiar sus acciones de Tam por acciones de Lan, a un ratio de 0,9 acciones de Lan por cada acción de Tam.
Las acciones de Lan a intercambiar son en la forma de BDRs (“Brazilian Depositary Receipts”) en Brasil y ADRs (“American Depositary Receipts”) en Estados Unidos.
La oferta de intercambio de acciones, las cual se materializó con el remate realizado hoy 22 de junio de 2012, estaba sujeta a una condición de que 2/3 de las acciones de Tam participantes en el proceso debían estar de acuerdo con deslistar a Tam como una empresa pública en Brasil. Esta condición se alcanzó finalmente con un 99,9% de las acciones participantes en la oferta. La cantidad de acciones de Tam contribuidas al proceso de oferta de intercambio más las acciones de Tam contribuidas por los accionistas controladores representan un 95,9% del total de acciones de Tam.
“La creación de este grupo de aerolíneas es una oportunidad para llevar Sudamérica al mundo y nos permitirá posicionarnos para poder operar en un escenario cada vez más competitivo, producto de la continua consolidación del sector aéreo mundial”, dijo Enrique Cueto, Vicepresidente Ejecutivo de Latam Airlines Group.
“El crecimiento que generará Latam Airlines Group nos permitirá ofrecer nuevos destinos para nuestros clientes, crear más oportunidades para nuestros más de 51.000 empleados y generar mayor valor para los accionistas. Además, podremos aportar al desarrollo económico, social y cultural de nuestra región, mejorando la conectividad de pasajeros y carga en Sudamérica y el resto del mundo”, destacó Mauricio Rolim Amaro, Vicepresidente del Directorio de Tam.
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MINING WORLD: Canadian miners rethinks Argentine projects as President Cristina Fernandez continues to be seen making aggressive policy changes
As President Cristina Fernandez continues to make aggressive policy changes, Canadian companies are joining a growing number of firms changing their investment plans
Fernandez government’s economic moves and capital restrictions put crimp on development plans
Efforts by Argentina to fine-tune its economy are forcing miners to reassess investment plans in the Andean country that is home to massive gold, copper and other resource deposits.
Argentina, Latin America’s third-largest economy, has moved aggressively in recent months to stem capital outflows and bolster the market with measures including forced repatriation of export revenue on local markets and requirements for companies to source equipment locally.
The measures could hinder access to cash flow in one of the world’s most capital-intensive industries, and cause delays in terms of getting equipment to remote sites in a timely manner.
Mid-tier gold and silver miner Mcewen Mining Inc. cautioned investors Tuesday that measures taken by Argentina in recent months to control capital flight could end up threatening its cash flow and have forced it to re-think how to fund ambitious growth plans, including the development of the El Gallo project in Mexico.
“I just thought it was prudent to alert all of our shareholders to the fact that what we had projected and felt very good about in terms of the ability to internally fund was now in question,” said company chairman and chief executive officer Rob Mcewen.
Mcewen Mining listed in Toronto and New York earlier this year, the culmination of a plan to combine two other Mcewen-led companies, one that was focused on Mexico and the United States, and another focused on Argentina. The latter included a 49-per-cent stake in an Argentine mine, already generating cash.
“To develop El Gallo and build the company without Argentina, we would have to go back to the market and look for about $150million. I don’t think that’s going to be the case, but that is a worst case and you need to know that,” Mr. Mcewen said, adding that he was surprised by Argentina’s stance.
He said the company would also intensify efforts to find a buyer or partner for the Los Azules copper project in Argentina.
Pan American Silver, the Vancouver-based silver company targeting massive growth in coming years, said last week it would stagger investments in Argentina until the investment climate clears. Chief executive officer Geoff Burns said he was confident that would happen with time.
“I am confident the environment will improve, I don’t know when, but I know it will improve,” Mr. Burns said.
Argentine President Cristina Fernandez has been tweaking the country’s economy since she came to office, and pledged to deepen those efforts when she won a second term in a landslide in October.
Since then she has ordered a series of measures, shocking investors in April with the expropriation of partially state-owned energy company YPF SA from Spain’s Repsol YPF.
Few in the market expect miners to suffer the same fate as Repsol.
“I think the YPF is a reminder to everybody else that your assets are not 100-per-cent safe,” said Alberto Ramos, co-head of Latin America research for Goldman Sachs in New York, who has fielded a lot of calls in recent weeks on the Argentine policy moves.
“Other companies now have a strong incentive to follow the lead presented by the government or their assets may be at risk,” he said.
Argentine policies will affect miners to varying degrees, with the smaller, earlier-stage companies in the country most exposed because they cannot mitigate effects through operations in other geographies.
Larger miners like Barrick Gold Corp., which owns the Veladero gold mine in northern Argentina as well as Pascua-lama, the neighbouring gold project that straddles the Andes mountains with Chile, are at less risk because they can negotiate better terms with government and because of their long histories in the country.
“We’ve had a local supplier development program in place for over a decade, with more than 900 Argentine companies supplying goods and services to Veladero and Pascua-lama,” said Barrick spokesman Andy Lloyd. “More recently, the company has also initiated a program to substitute imports with locally available alternatives, with good results to date.”
ARGENTINA MINING 2012:
The mining sector in Argentina is becoming highly dynamic, providing genuine and sustainable development. The significant geological potential started to awaken over 15 years ago, and seems to advance relentlessly.
During the 1990’s, the establishment of a trustworthy legal framework facilitated investments of over US 4,000 M in a series of new mines and exploration. At that time, an unprecedented increase in production and exports took place, as world-class deposits went into operation: Bajo de la Alumbrera (copper, gold); Cerro Vanguardia (gold, silver), Martha Mine (silver) and Salar del Hombre Muerto (lithium) joined existing operations of Farallon Negro (gold, silver), Andacollo (gold), borates deposits (such as Tincalayu) and Aguilar Mine (silver, lead, zinc), the latter having entered in production in 1936. In 2005, Veladero (gold) also started production in the prolific province of San Juan, and in 2007, San Jose (gold, silver, copper) in Santa Cruz province.
More recently, during 2008 and 2009, Pirquitas (silver, tin), Manantial Espejo (silver, gold), Gualcamayo (gold, silver) and Sierra Grande (iron) went into production, with a combined investment of over US 550 M and hundreds of jobs created. Pascua Lama (gold), the first bi-national project, started its construction in September 2009, with an investment of US 2,800 – 3,000 M, and at the same time Casposo (gold, silver), with an investment of US 115 M. Agua Rica (gold, copper, molybdenum) with US 2,000 M and Pachon (copper), with US 1,500 M are both in the financial feasibility stage and expecting decisions from their operators, but continue to develop. Rio Tinto sold its Potasio Rio Colorado project to Brazilian giant Vale to soften the burden of their debt. This project will imply over US 2,000 M in investments for the processing plant and infrastructure needed to transport the potash. At present, the company continues with the process of approvals in Mendoza.
Cerro Negro, from Andean Gold, recently announced the favourable results of its feasibility studies. San Jorge, from Canadian Coro, received definition for its public hearing. Navidad (silver) was acquired by Pan American Silver and continues advancing its feasibility studies. Diablillos (gold, silver), Rio Grande and Lindero are advancing its exploration, better defining its resources and economics. At the same time, exploration continues at several parts of the country, from Jujuy to Santa Cruz, with deposits such as El Altar, Los Azules, Pinguino and Tendal, as well as several lithium and uranium projects. The current level of exploration showed a peak during 2008: over 660,000m were drilled across the country.
For the development and exploration of these and other advanced projects, potential investments of over US 9,000 M are estimated for the next five years. Of these, 30% are confirmed.
Today, with the slow recovery after the financial crisis, Argentina is privileged: at this point, 17 mines are producing -12 of which are metalliferous-, 2 are being built and the country is increasing production of gold, silver, copper and lithium, as well as a relevant exploration activity. Over 150 companies are active in Argentina, including major players as Anglogold, Vale, Rio Tinto, Barrick, BHP Billiton, Xstrata, and Teck; intermediate companies like Pan American Silver and Silver Standard, and juniors like Minera Andes, Exeter, TNR Solitario, Mansfield and Hochschild, to name a few. Investment comes mainly from Canada, Argentina (from state owned companies, mainly), the US and Australia. Countries such as Switzerland and South Africa have a growing presence, and China, Brazil, Peru and Japan are increasing their participation.
The international mining community is witnessing the growth of investments in the search, evaluation and mining of deposits in the country. The activity is quickly becoming a development axis, and subsequently, requires an increased offer of products, equipment, machinery, services, human resources and new project generation.
Argentina is gradually becoming a mining country.
By Rojas & Asociados, Mining Consultants
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