Aurum Ventures Ashish Deora

29 November, 2015

Who is the new partner of the Aratiri mining company?

An Indian fund dedicated to investing in real estate, renewable energy and mining businesses

The large-scale extraction of iron in Uruguay, a possibility that began to be handled a few years ago in the midst of a great controversy, is an unknown for the short and medium term now that the signing of the contract between the

It does so together with a company based in Mumbai (India), which is dedicated to investing in different types of projects: real estate, renewable energy and also mining.

He has experience in this field in Singapore, when in 2012 he got into the exploration of gold and coal.

Then, in 2015, and in association with Zamin Ferrous (Aratiri), it joined the Amapa project in northern Brazil.

About Uruguay this firm speaks wonders, and on its website it recounts the country's achievements and praises the government.

"Uruguay is a bastion of pragmatic economic policies that favor business and foreign investment," says the company.

Then he assures that the country is on a "formidable" growth trajectory, and ponders its macroeconomic solidity, "social and political" stability and its "strong legal security."

Aurum explains that its association with Aratiri in Uruguay implies developing the Valentines (Treinta y Tres) project at a slower pace than the one raised at the beginning of the entire controversy.

While Zamin Ferrous proposed to extract 18 million tons of iron concentrate per year, over a period of 20 years, Aurum assures that it will start the plan with half of that iron extracted per year, and then increase production.

The Uruguay Libre de Megamineria group, the environmentalists, who from the beginning have been at the fore against the Aratiri project, have disclosed their position on the appearance of the new actor.

"Who is Aurum Ventures? It is an international investment fund based in India. It may be a different firm, a partner or a mere front man of Zamin Ferrous, but none of those possibilities modifies the substantial fact that they are investors in search of maximum profitability in the area that suits them best and anywhere in the world, "says a text released by the spokesperson of that organization, Raul Vinas.

Environmentalists speculate that Aurum is going for the mining titles of Aratiri in order to be able to use them in the future financial business market.

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