Uruguay President Backs Big Iron Ore Mine

MINING.com reported that Jose Mujica, the president of Uruguay, said the massive open-pit iron ore mine proposed by London-based Zamin Ferrous, through its subsidiary Minera Aratirí, will go ahead, despite increasing local opposition.

As quoted in the market news:

The $3 billion Valentines project, also known as Aratarí, has been on hold since August last year, as the country was in the midst of passing a new mining law to allow large-scale operations. But the firm is now ready to sign an investment contract with the government, which will likely happen in February, Mujica told state-owned radio Sodre.

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