Mine investors target Uruguay in arbitration case


Investors in a Uruguayan subsidiary of Zamin Ferrous, a mining company founded by Indian-born metals magnate Pramod Agarwal, are initiating an arbitration case against Uruguay in connection with a massive open-pit iron ore project that ran into intense environmental opposition. The project, known as Valentines, targeted deposits in east-central Uruguay and was billed by its promoters as “the biggest, most productive, industrial and logistical project in the history of the country.” Spearheading it was Aratirí Mining, a subsidiary created by Zamin Ferrous in 2010 for the purpose of carrying out the project. By far the most ambitious mining plan attempted in Uruguay, Valentines called for total investment of US$2.77 billion, annual production of 18 million tons of iron-ore and support... [Log in to read more]

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