Aratirí looking for a partner to refloat the draft Valentines

ashish deoraDiscarded the original project, the Indian capital company negotiates with a third party to take charge of the initiative extraction of iron. The deadline set by the law of large-sized mining expired Tuesday for the business executive and the Indian capital Aratirí (Zamin Ferrous) to negotiate the signing of a contract for removal of iron openwork surrounding area Valentines town (Thirty-Three). After several twists and turns involving the administration of José Mujica (2010-2015) and the current Tabare Vazquez, the government has ruled out giving way to the foreign firm to start his project megaminería. The main reason lies in the environmental aspect. The National Directorate of Environment (DINAMA) processed large documents delivered by Aratirí to achieve unprecedented empowerment, but the company (according to the government) never finished answering questions and deliver the clarifications demanded that the environmental authority. The mining law of great size, which was amended in late 2014 to give more one year negotiating privately with government grants now Aratirí the opportunity to submit to the Executive a new partner to take over the project. That must happen within 90 days. Then have another 120 days to complete the process of empowerment to begin extracting iron. Aratirí a source confirmed to The Observer that the company filed with a third party to take charge of the enterprise. That "plan b", as they call the directors of the Indian firm, may involve mining company Aurum Ventures, who days ago said as new member of Zamin Ferrous. However, the same source told The Observer Aratirí who is not a shareholder in Aurum Mining Aratirí, and therefore could be presented to the government as a third party as required by law. On August 20 the nationalist senator Luis Lacalle Pou submitted a request for information to the Ministry of Industry, Energy and Mining (MIEM) to know of the alleged contacts he had had the holder of that portfolio, Carolina Cosse, with directors of Aurum Ventures. On October 26, El Pais also reported that "apparently" the mining project "changed hands". In fact Aurum Ventures on its website detailing the Valentines project in Uruguay, but describes a smaller scale than originally presented by Aratirí. The minister Cosse handled as a possibility yesterday that Aurum is the new partner to present the Indian mining in this period that opens after the failure in negotiations. In an interview with Radio Oriental perspective, Secretary of State confirmed that no environmental clearance the government will not sign any contract extraction of iron scale. "The government has been very demanding (in environmental matters with Aratirí), I find it difficult to be more demanding," he said. Más chicoThe decline in the international price of iron has been one of the aspects that influenced the business questions. The company said it needed an iron to US $ 100 a tonne, but the price has halved. In addition to the environmental aspect, the Aratirí mining should provide guarantees of maintaining supply of tens of millions of dollars, not counting the millionaire deposits to ensure compliance with environmental repairs in case of failure to comply with obligations in this regard. On its website, Aurum Ventures ensures that the project in Valentines involves the removal of 9 million tonnes of iron concentrate per year, then raise (without a date) that production doubled, ie at the pace envisioned Aratirí from the start. The signing of Indian origin had already handled the possibility of starting its operations gradually, and now presents its potential partner. That was even the president Mujica transmitted, according to the weekly Busqueda at the time. However, that possibility was ruled to logistical difficulties, as also implied remove iron rail to the port of Montevideo, almost impossible according to road conditions and the reality of AFE. Aurum Ventures, moreover, relates country's achievements and praised Uruguay and his government in their website. "Uruguay is a bastion of pragmatic economic policies that favor business and foreign investment," says the company. Then ensure that the country is on a path of "formidable" growth and macroeconomic soundness ponders, "social and political" stability and "strong legal certainty".