Argentina modifies Glacier Protection Law to unlock copper mining investments

Argentina's libertarian president, Javier Mila, achieved a legislative victory on Thursday. Prior to this, the country's congress modified a glacier protection law, which had been a major obstacle for global mining companies seeking to exploit some of the world's largest copper deposits. Government officials and mining executives say this change is a key step in Mila's efforts to make Argentina a global copper powerhouse. Companies like Glencore, BHP Billiton, and First Quantum have promising copper mining projects in Argentina that require around $26 billion in new investments. The previous law, passed in 2010, prohibited mining on or near thousands of glaciers in Argentina, many of which are located in the high-altitude regions of the Andes where the copper deposits are. Mining executives argue that the law was too broad and unclear, almost completely blocking all mining activities, including in areas without glaciers or unrelated to aquifers. After this law revision, it will be up to the provincial governments to determine which glaciers should be protected and identify which glaciers are the sources of downstream water. These provincial governments are eager to promote employment and development. Mila stated that this move will eliminate "ideo...