Argentina's libertarian President Javier Milei secured a legislative victory on Thursday after the country's Congress amended a glacier protection law that had been a major obstacle for global miners seeking to tap some of the world’s largest copper deposits. Government officials and mining executives stated that the change is a crucial step in Milei’s effort to position Argentina as a global copper powerhouse.
Companies such as Glencore, BHP Group, and First Quantum hold promising copper projects in Argentina that require approximately $26 billion in new investments. The previous law, enacted in 2010, prohibited mining on or near thousands of glaciers in the country, many of which are located in the high-altitude Andes where significant copper deposits are found. Mining executives argued that the law was overly broad and ambiguous, effectively blocking nearly all mining activity—even in areas without glaciers or connections to aquifers.
Following the revision, provincial governments will now be responsible for determining which glaciers should be protected, requiring them to identify glaciers that serve as water sources for downstream regions. These provincial authorities are eager to promote employment and economic development. Milei stated that the reform will eliminate "ideological distortions and artificial barriers that hinder progress."
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