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The payout includes the approximately $8.4 billion of damages Burford sought plus about $7.6 billion of 8% prejudgment interest running from May 3, 2012, about 2-1/2 weeks after the seizure. Argentina, which is in dire financial straits including a scarcity of foreign exchange reserves, pledged an immediate appeal. Shareholders' $8.43 billion damages estimate was based on Argentina's seizure of the YPF shares on April 16, 2012, which they said transferred "control." But the judge found it "telling" that Argentine officials treated April 16 as the seizure date, which stripped Repsol of its power to run YPF and distribute capital. The judge also called 8% interest "appropriate and equitable," and "well within the range" imposed by Argentine courts.

Persons: Loretta Preska, Burford, Preska, Axel Kicillof, Gabriela Cerruti, Cerruti, Nate Raymond, Jonathan Stempel, Adam Jourdan, Rodrigo Campos, Mark Porter, Will Dunham, Richard Chang Organizations: YPF, U.S, District, Burford Capital, Petersen Energia Inversora, Eton Park Capital, Jefferies, Petersen, Eton Park, Argentina, International Monetary Fund, IMF, Argentine, Thomson Locations: Argentina, U.S, Manhattan, Burford, London, New York, Buenos Aires, Qatar, China, Boston

☆ Bolivia hardens tone on cocaine 'mega labs', signaling crackdown
▼ + stars: | 2023-09-02 | by ( Monica Machicao | ) www.reuters.com time to read: +3 min

Along with Colombia and Peru, Bolivia is widely recognized as a leading world producer of coca, the raw ingredient for cocaine, but the government has long maintained production of consumption-ready cocaine was limited. "They are trying to turn our nation from being a drug transit country to a drug-producing country," he added and presented a drug trafficking map of some 1,804 drug factory busts since 2020, the "vast majority" in Chapare, he said. "At the same time Bolivia has managed to transition from basic paste to hydrochloride." "In Bolivia we are experiencing a dispute between two factions of the MAS, each one pointing the finger at the other suggesting that they are protecting drug traffickers." Reporting by Monica Machicao; Writing by Daniel Ramos; Editing by Adam Jourdan and Howard GollerOur Standards: The Thomson Reuters Trust Principles.

Persons: LA, Evo Morales, Eduardo del Castillo, MAS President Luis Arce, Morales, Carlos Toranzo, Arce, Toranzo, Monica Machicao, Daniel Ramos, Adam Jourdan, Howard Goller Organizations: Departmental Association of Coca Producers, MAS President, MAS, Reuters, Thomson Locations: La Paz, Bolivia, LA PAZ, Colombia, Peru, Chapare, Bolivian, MAS

☆ Fifty years since coup, Chile seeks answers about its disappeared
▼ + stars: | 2023-08-30 | by ( Natalia A. Ramos Miranda | ) www.reuters.com time to read: +3 min

[1/4] Relatives of missing people and activists hold a march to mark the International Day of the Victims of Enforced Disappearances, in Santiago, Chile August 30, 2022. There are 1,469 people who were victims of forced disappearance, of which 1,092 were detained and disappeared, while 377 were executed and their remains never returned. The searches have normally, at best, led to families being given bone fragments identified as their kin who disappeared. Daily briefings made to then-U.S. President Richard Nixon on Sept. 8 and Sept. 11, 1973, were declassified earlier this week, which show how he was briefed on Chile's unfolding coup. Reporting by Reporting by Natalia Ramos and Reuters TV; Editing by Adam Jourdan and Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

Persons: Ivan Alvarado, Rights SANTIAGO, Salvador Allende, Gabriel Boric, General Augusto Pinochet, Juana Andreani, Pinochet, Richard Nixon, Carlos González, Natalia Ramos, Adam Jourdan, Sandra Maler Organizations: REUTERS, Rights, Ministry of Justice, Reuters, Forces, Armed Forces, Thomson Locations: Santiago , Chile, Chile, Argentina, Brazil, Uruguay, United States

☆ As inflation soars, Argentines say they've seen this film before
▼ + stars: | 2023-08-30 | by ( Lucila Sigal | ) www.reuters.com time to read: +3 min

August monthly inflation is likely to top 10%, analysts say. He has pledged to dollarize the economy over time and shutter the central bank, blaming a "caste" of political elite for the economic crisis in boisterous tirades to cheering supporters who love his abrasive, no holds barred style. "The way I see it, these characters are focused on a certain sector, a sector of wealth, well-being, upper class. Argentina recently saw some scattered looting of shops and supermarkets, with over 100 arrests, though that has calmed down in recent days. Reporting by Lucila Sigal; Editing by Nicolas Misculin, Adam Jourdan and Alistair BellOur Standards: The Thomson Reuters Trust Principles.

Persons: Rickey Rogers, Roberto Gonzalez Blanco, Morgan, Javier Milei, Nora Marful, Milei, Sergio Massa, Patricia Bullrich, Fernando De la Rua, Jorge Del Teso, Lucila Sigal, Nicolas Misculin, Adam Jourdan, Alistair Bell Organizations: Supreme, REUTERS, Economy, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES, Australia, Argentine

☆ Argentina's Massa expects IMF board OK for $7.5 bln payout
▼ + stars: | 2023-08-22 | by ( Jason Lange | ) www.reuters.com time to read: +2 min

Argentine Economy Minister Sergio Massa speaks to the media on the day of Argentina's primary elections, near a polling station in Tigre, on the outskirts of Buenos Aires, Argentina August 13, 2023. REUTERS/Mariana Nedelcu/File Photo Acquire Licensing RightsWASHINGTON, Aug 22 (Reuters) - Argentine Economy Minister Sergio Massa said on Tuesday that he expects the International Monetary Fund (IMF) board to approve the latest reviews of its huge loan program on Wednesday, unlocking $7.5 billion the embattled country desperately needs. The board green light would come after the South American nation reached a staff-level agreement with the IMF in July to unlock the funds and complete the combined fifth and sixth reviews of its struggling $44 billion loan program. "We are convinced that tomorrow the fifth and sixth reviews will be approved, which will allow us to access a disbursement for Argentina of $7.5 billion," he told reporters at an event in Washington. Reporting by Jason Lange; additional reporting by Rodrigo Campos; Writing by Adam Jourdan; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

Persons: Sergio Massa, Mariana Nedelcu, Massa, Jason Lange, Rodrigo Campos, Adam Jourdan, Sandra Maler Organizations: Argentine, REUTERS, Rights, Argentine Economy, International Monetary Fund, IMF, Thomson Locations: Tigre, Buenos Aires, Argentina, Argentine, American, Washington

☆ Argentina's Milei pitched dollarization 'models' in IMF meet - sources
▼ + stars: | 2023-08-18 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +3 min

LONDON, Aug 18 (Reuters) - Argentina's surprise presidential front-runner, radical libertarian Javier Milei, pitched models of dollarizing the South American country's economy in a meeting with major lender the International Monetary Fund on Friday, two sources said. Milei, 52, outlined his economic proposals and told IMF representatives that his teams is working on "different models of dollarization," said two sources close to the candidate with direct knowledge of the meeting who asked not to be named. In the 80-minute meeting, he also told IMF officials that he does not intend to default to the fund or to bondholders, one of the sources added. The IMF was keen to learn further details on Milei's dollarization plans, one source said. IMF officials included the director of the Fund's Western Hemisphere Department Rodrigo Valdes and deputy director Luis Cubeddu.

Persons: Javier Milei, Milei, Carlos Rodriguez, Roque Fernandez, Dario Epstein, Western Hemisphere Department Rodrigo Valdes, Luis Cubeddu, Milei's, Jorgelina, Juan Bustamante, Hugh Lawson, Adam Jourdan, Alistair Bell Organizations: International Monetary Fund, Peronist, U.S ., IMF, Western Hemisphere Department, Thomson Locations: Argentina, Rosario

The price list, updated after a primary election shock led to a sharp devaluation of the peso and interest rate hike on Monday, underscores the scale of Argentina's challenge to avoid inflation, already at 113%, climbing faster. "We kiosko owners don't know if we should increase prices each day, or by how much." The price list offers a window into how these market shocks are passed on to small business owners, and eventually customers. Reuters GraphicsSince March, business owners have received updated price lists from their suppliers twice a month, double the frequency of a year ago, said Acuna. "Prices have gone through the roof, in every way," Leguizamon said, adding that she didn't blame the store owners and small businesses who were just trying to survive.

Persons: Ernesto Acuna, Agustin Marcarian, Acuna, Juan Pablo Spagnolo, Spagnolo, Javier Milei, Maria Leguizamon, Leguizamon, Anna, Catherine Brigida, Adam Jourdan, Rosalba O'Brien Organizations: REUTERS, Reuters, Wednesday, Owners, Reuters Graphics Reuters, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES, Acuna

REUTERS/Agustin Marcarian/Illustration/File PhotoNEW YORK, Aug 15 (Reuters) - Investors in Argentina's financial markets, where bonds and the peso slid on Monday after central bank moves following a surprise primary election result, said the vote had a silver lining: it would likely hasten long-called-for economic reforms. The result initially introduced uncertainty into asset pricing, with traders selling stocks and dollar bonds - but prices later stabilized and the local stock market closed over 3% higher. Investors said this would outweigh any worries about Milei, despite some of his heterodox pledges, including to axe the central bank and dollarize the economy. Milei faces a significant challenge still to turn the primary election win into a successful run to the presidency. The central bank also increased the benchmark interest rate to 118% from 97%.

Persons: Agustin Marcarian, Javier Milei, Patricia Bullrich, Milei, Kimberley Sperrfechter, Sergio Massa, Cristina Fernandez de Kirchner, Milei's, Walter Stoeppelwerth, Shamaila Khan, Rowe Price, Samy Muaddi, Rodrigo Campos, Adam Jourdan, Rosalba O'Brien Organizations: Argentine, REUTERS, Economics, Kimberley, Peronist, Investors, Gletir SA, Emerging Markets, Asia Pacific, UBS Asset Management, Jorgelina, Thomson Locations: Argentina, Argentine, MERV, Rosario

A general view of the facade of Banco de la Nacion Argentina (Bank of the Argentine Nation), in Buenos Aires, Argentina December 7, 2021. The official FX rate will be fixed at 350 pesos per dollar until the October elections, the central bank said. The country's sovereign dollar bonds fell as much as 2 cents on the dollar, with the 2038 note leading the slide, according to MarketAxess data. Latin America's third-largest economy has been grappling with a severe economic crisis with sky-high inflation and falling central bank reserves. A candidate needs 45% of the Oct. 22 vote to win outright or 40% and a 10-point lead over second place.

Persons: Agustin Marcarian, Javier Milei, William Jackson, overvalued, Sunday's, Goldman Sachs, Patricia Bullrich, Sergio Massa, Ricardo Delgado, Eliana Raszewski, Rodrigo Campos, Jorge Otaola, Medha Singh, Adam Jourdan, Bernadette Baum, John Stonestreet, Andrew Cawthorne Organizations: de la Nacion Argentina, Bank of, Argentine, REUTERS, LONDON, Capital Economics, Investment, JPMorgan, Gross, Milei, Peronist, Economy, Analytica, Reuters Graphics Reuters, International Monetary Fund, IMF, Qatar, Thomson Locations: Buenos Aires, Argentina, Agustin Marcarian BUENOS AIRES, MERV, Argentine, refinance, Washington, Rosario

☆ Argentina raises interest rate, devalues peso after shock primary election -official source
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +1 min

A one hundred Argentine peso bill sits on top of several one hundred U.S. dollar bills in this illustration picture taken October 17, 2022. REUTERS/Agustin Marcarian/Illustration/File PhotoBUENOS AIRES, Aug 14 (Reuters) - Argentina's central bank will raise the benchmark interest rate to 118% from 97% previously, an official source said Monday, adding the country's currency will be devalued to 350 pesos per dollar in the aftermath of a shock primary election. The official peso plunged nearly 18% on Monday morning to just over 350 pesos per dollar and the source said the exchange would be fixed at this rate until the October presidential vote. Latin America's third-biggest economy is battling a severe economic crisis with sky-high inflation and dwindling central bank reserves. Reporting by Walter Bianchi, Jorge Otaola and Adam Jourdan; Editing by Anthony EspositoOur Standards: The Thomson Reuters Trust Principles.

Persons: Agustin Marcarian, Sunday's, Javier Milei, Walter Bianchi, Jorge Otaola, Adam Jourdan, Anthony Esposito Organizations: Argentine, REUTERS, Thomson Locations: BUENOS AIRES

Argentine presidential candidate Javier Milei of La Libertad Avanza alliance looks on as he casts his vote at a polling station during Argentina's primary elections, in Buenos Aires, Argentina August 13, 2023. REUTERS/Mariana NedelcuBUENOS AIRES, Aug 14 (Reuters) - Argentina's presidential election race has an unpredictable X factor: Javier Milei, a fiery and wild-haired libertarian who wears leather jackets, belts out rock songs to his supporters, calling his political opponents "thieves." He has railed against the "caste" of the political elite who he calls "robbers" taking money out of voters' pockets. "We are facing the end of the caste model," he said after the primary election results. I think that Javier is the right person," added Zoccola, who said he had previously voted for Together for Change.

Persons: Javier Milei, Mariana Nedelcu, Donald Trump, Benjamin Gedan, Milei, Al Capone, Adriano Gabriel Zoccola, Javier, Diana Mondino, He's, Anna, Catherine Brigida, Maximilian Heath, Adam Jourdan, Rosalba O'Brien Organizations: Argentine, La Libertad, REUTERS, American, Wilson, Peronist, Thomson Locations: Buenos Aires, Argentina, Mariana Nedelcu BUENOS AIRES, America, Washington

A general view of the facade of Banco de la Nacion Argentina (Bank of the Argentine Nation), in Buenos Aires, Argentina December 7, 2021. REUTERS/Agustin MarcarianBUENOS AIRES/LONDON, Aug 14 (Reuters) - Argentina's markets face an election hangover on Monday after a shock primary vote win for far-right libertarian Javier Milei - who wants to axe the central bank and dollarize the economy - shook up the race towards presidential elections in October. Rock-singing, wild-haired economist and lawmaker Milei far outperformed forecasts to win some 30% of the vote, the largest share with over 90% of ballots counted. Latin America's third-biggest economy has been grappling with a severe economic crisis with sky-high inflation and falling central bank reserves. A candidate needs 45% of the Oct. 22 vote to win outright or 40% and a 10-point lead over second place.

Persons: Agustin Marcarian, Javier Milei, Milei, Diego Pereira, Milei's, Goldman Sachs, Patricia Bullrich, Sergio Massa, Ricardo Delgado, Eliana Raszewski, Jorge Otaola, Adam Jourdan, Stephen Coates, Bernadette Baum Organizations: de la Nacion Argentina, Bank of, Argentine, REUTERS, LONDON, Investment, JPMorgan, Reuters Graphics Reuters, Gross, Peronist, Economy, Analytica, International Monetary Fund, Qatar, Thomson Locations: Buenos Aires, Argentina, Agustin Marcarian BUENOS AIRES, U.S, Argentine, refinance, Washington, Rosario

☆ Argentina set for primary vote with ruling Peronists fighting for survival
▼ + stars: | 2023-08-13 | by ( Nicolás Misculin | ) www.reuters.com time to read: +3 min

"I am thinking of leaving my vote blank," said Micaela Panzera, a 22-year-old employee of a food company in Buenos Aires. We have seen warning signs of this in the provincial elections held up to now," said political analyst Carlos Fara. Pollsters see the combined Together for Change opposition candidates just ahead of the ruling Peronist bloc, with Milei pulling close to 20%. In the 2019 primary the polls were proved badly wrong. Reporting by Nicolás Misculin; Additional reporting by Candelaria Grimberg; Editing by Adam Jourdan and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Horacio Larreta, Sergio Massa, Micaela Panzera, Patricia Bullrich, Javier Milei, Goldman Sachs, Carlos Fara, Nicolás Misculin, Candelaria Grimberg, Adam Jourdan, Jonathan Oatis Organizations: Peronist, International Monetary Fund, Buenos Aires, Reuters Graphics Reuters, Change, Thomson Locations: BUENOS AIRES, Buenos Aires

[1/5] Cattle run in front of Juan Carlos Ardohain, 49, on a farm he rents in San Vicente, on the outskirts of Buenos Aires, Argentina August 10, 2023. REUTERS/Tomas CuestaSAN VICENTE, Argentina, Aug 12 (Reuters) - In Argentina's grains fields and cattle ranches, farmers are hoping upcoming elections will bring political change and an end to years of economic uncertainty, ushering in freer markets with fewer currency controls and export limits. "I think Larreta could be a good candidate for what he's promising," said Juan Carlos Ardohain in a field he rents in San Vicente for cattle. Argentina's currency controls, which tightly limit access to dollars, have stoked a flourishing black market for foreign currency where greenbacks command over twice the official price, distorting import and export markets. Reporting by Maximilian Heath and Miguel Lo Bianco; Editing by Adam Jourdan and Rosalba O'BrienOur Standards: The Thomson Reuters Trust Principles.

Persons: Juan Carlos Ardohain, Tomas Cuesta, It's, Horacio Deciancio, Horacio Larreta, Patricia Bullrich, Sergio Massa, Mauricio Macri, Ricardo Firpo, Massa, Deciancio, Maximilian Heath, Miguel Lo Bianco, Adam Jourdan, Rosalba O'Brien Organizations: REUTERS, VICENTE, Peronist, Reuters, Argentine Rural Society, Thomson Locations: San Vicente, Buenos Aires, Argentina, breadbasket, Santa Fe, Ukraine

A man wearing a face mask as a protective measure against the coronavirus disease (COVID-19) walks past the entrance of the Buenos Aires Stock Exchange, a day after midterm primary elections, in Buenos Aires, Argentina September 13, 2021. The primary, which unusually is an obligatory nationwide vote, defines internal leadership battles and acts as a dry run for the general election. The primary vote four years ago delivered a shock landslide defeat to the government of conservative then-President Mauricio Macri, sparking a crash in bonds, equities and the peso currency that Argentina has yet to fully recover from. Ex-security tsar Patricia Bullrich and Buenos Aires city Mayor Horacio Larreta are vying to lead the opposition, and Economy Minister Sergio Massa is a unity candidate for the Peronists. The country's S&P Merval (.MERV) stock market index, meanwhile, has been soaring, seen as a safe haven for local investors and a refuge from the damaging impact of inflation.

Persons: Agustin Marcarian, Mauricio Macri, it's, Mauro Natalucci, Rava Bursátil, Patricia Bullrich, Horacio Larreta, Sergio Massa, Javier Milei, Jorge Otaola, Walter Bianchi, Adam Jourdan, Cynthia Osterman Organizations: Buenos Aires Stock Exchange, REUTERS, Peronist, Reuters Graphics Reuters, Argentine, SBS Group, International Monetary Fund, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES, MERV

☆ Argentina inflation likely sped back up ahead of primary vote, analysts say
▼ + stars: | 2023-08-11 | by ( Hernan Nessi | ) www.reuters.com time to read: +3 min

A costumer counts money before buying tangerines in a green grocery store, as Argentines struggle amid rising inflation, in Buenos Aires, Argentina May 11, 2023. REUTERS/Agustin MarcarianBUENOS AIRES, Aug 11 (Reuters) - Argentina's monthly inflation rate likely sped back up to 7.1% in July, a Reuters poll of analysts showed, a blow for the ruling Peronist coalition, which is battling to avoid defeat by the conservative opposition in primary elections on Sunday. The projections from 19 local and foreign analysts ranged from a minimum 5.9% rise to a maximum 7.9% jump in the month. Many analysts saw a tough outlook for prices in the months ahead due to economic uncertainty, fiscal imbalances, and volatility ahead of the general election in October. Argentina's INDEC statistics agency is expected to publish inflation data next week after the primaries.

Persons: Agustin Marcarian, That's, Alejandro Giacoia, Eugenio Marí, Hernán Nessi, Gabriel Burin, Adam Jourdan, Jonathan Oatis Organizations: REUTERS, Peronist, Sunday, Index, Reuters Graphics Reuters Graphics, Libertad, Thomson Locations: Buenos Aires, Argentina, Agustin Marcarian BUENOS AIRES, Progreso

☆ Voter anger, apathy hang over Argentina primary elections
▼ + stars: | 2023-08-11 | by ( Nicolás Misculin | ) www.reuters.com time to read: +4 min

Pollsters, however, said voter apathy could mean big shifts late in the race, with many people still undecided. The primary election will give the clearest indication yet of what the October general election result is likely to be. "I still don't know who I'm going to vote for and I think we're all in the same position. "I'm going to vote because I don't want to pay the fine, but I still don't know who. Despite voting being obligatory by law, voter turnout is also expected to be down and could affect the result.

Persons: Sergio Massa, Kristalina Georgieva, Evelyn Hockstein, Javier Milei, Pablo Vairo, Facundo Nejamkis, Horacio Larreta, Patricia Bullrich, Cristian Guardo, Maximiliano Herrera, Karina, Nicolas Misculin, Juan Bustamante, Adam Jourdan, Diane Craft Organizations: Monetary Fund, IMF, REUTERS, Peronist coalition's, Economy, Peronist, Reuters, Primaries, pollster Opina, Milei, Reuters Graphics Reuters, la Patria, Thomson Locations: Washington , U.S, BUENOS AIRES, Argentina, Buenos Aires, pollster, pollster Opina Argentina, Peronist, Candelaria

[1/5] A priest blesses Argentine faithfuls during San Cayetano's (Saint Cajetan) feast day, the patron saint of labour and bread, at San Cayetano church in Buenos Aires, Argentina August 7, 2023. "Walking around this neighborhood, there are many people who have come from other parts of the country to ask for work. People are asking a saint because they can't ask the politicians," said retiree Juan Mura, 58. "I would like the politicians to come here and see the reality of the people." He said he had come to pray to St. Cayetano for years and he hadn't been let down so far, despite the country's long-running economic woes.

Persons: Mariana Nedelcu, Cayetano, Juan Mura, Sergio Massa, Massa, Betina Basanta, Armando Villar, hadn't, I've, Claudia Martini, Miguel Lo Bianco, Horacio Soria, Adam Jourdan, Conor Humphries Organizations: San, REUTERS, Peronist, Thomson Locations: Argentine, Cayetano's, San Cayetano, Buenos Aires, Argentina, Mariana Nedelcu BUENOS AIRES

The income Luis earns from his Airbnb rental is paid in dollars into a digital account on US payment platform Payoneer, he said. Argentine hosts on Airbnb can receive payments to a local or overseas bank account as well as Payoneer and Paypal, options on one host's account reviewed by Reuters showed and Airbnb confirmed. Airbnb told Reuters in a statement that guidance published on its website advised hosts to register their short-term rental properties with Argentine authorities. Argentine tax authority AFIP said that it "always encourages people to declare" income. The Buenos Aires tourism department told Reuters, however, that just 570 properties were listed on the city's register of short-term rentals in June.

Persons: Luis, Airbnb, Payoneer, AFIP, Ramiro Raposo, AIRBNB, Ariel Yeger, Gaston Levy, Gustavo, Ana Maria Ianni, Ianni, Anna, Catherine Brigida, Adam Jourdan, Suzanne Goldenberg Organizations: Reuters, Argentine, Paypal, Internal Revenue Service, PayPal, AirDNA, Airbnb, Peronist, Thomson Locations: BUENOS AIRES, Airbnb, Buenos Aires, Argentina, Argentine, United States, Senate's

☆ How Chile's progressive new plan to mine lithium faces Indigenous hurdles
▼ + stars: | 2023-07-20 | by ( Alexander Villegas | ) www.reuters.com time to read: +8 min

In interviews with Reuters, some community leaders said they would demand more profits be channeled their way, while others said they would resist any new lithium mining at all. Boric's plan envisions expanding mining with public-private partnerships controlled by a new state lithium company. Both Espindola and Mondaca said a majority of community members oppose expanded lithium mining in the region. It said it takes relationships with Indigenous communities seriously and that is why Boric met with them in person. Yermin Basques, president of Toconao, said he was pushing for the community to receive a greater share of the profits and be a "strategic partner" in the state lithium company.

Persons: Alexander Villegas, Ivan Alvarado, Gabriel Boric, Boric, Francisco Mondaca, SQM, it's, Mondaca, Cristian Espindola, Espindola, Toconao, Albemarle, Alonso Barros, Rolando Humire, Humire, Mauricio Lorca, Adam Jourdan, Rosalba O'Brien Organizations: Reuters, National Reserve, REUTERS, Atacama Indigenous Council, BMW, NASA, National, University of Atacama, Thomson Locations: Antofagasta region, Chile, Santiago, Atacama, Albemarle, Los, Chilean, Basques

☆ Analysis: Peru copper miners say red tape snarling red metal production ramp-up
▼ + stars: | 2023-07-07 | by ( Marco Aquino | ) www.reuters.com time to read: +4 min

[1/5] Trucks from the Las Bambas mine circulate along the mining corridor between Sayhua and Ccapacmarca, near Ccapacmarca, Peru, January 19, 2022. REUTERS/Sebastian Castaneda/File PhotoLIMA, July 7 (Reuters) - Copper miners in Peru, already battling political uncertainty and regular protests, say they have another hurdle to revving up stalled production of the red metal: too much red tape. 2 copper producer, has seen output plateau in the last five years as political instability, revolving governments and flagging investment has let rival producer Congo almost overtake it. 1 producer Chile has also seen production slide, dented by political uncertainty around taxes and regulation. Until that happens, mining executives said Peru's $53 billion mining investment pipeline, largely copper, would only move forward slowly, despite government hopes that some $7 billion of that being unlocked in 2023 and 2024.

Persons: Sebastian Castaneda, LIMA, Raul Jacob, Jorge Soto, it's, Víctor Gobitz, Tia Maria, Marco Aquino, Adam Jourdan, Sandra Maler Organizations: REUTERS, Congo, Reuters, World Bank, BHP, Newmont Corp, Thomson Locations: Sayhua, Ccapacmarca, Peru, Lima, Chile, Canada, Mexico

☆ Bolivia seals $1.4 billion lithium deals with Russia's Rosatom, China's Guoan
▼ + stars: | 2023-06-29 | by ( Daniel Ramos | ) www.reuters.com time to read: +2 min

LA PAZ, June 29 (Reuters) - Bolivia has signed lithium agreements with Russian state nuclear firm Rosatom and China's Citic Guoan Group, the South American country's government said on Thursday, as it looks to develop its huge but largely untapped resources of the battery metal. Bolivia's iconic salt flats are home to the world's largest lithium resources at 21 million tons, according to the U.S. Geological Survey, but the country has long struggled to ramp up industrial production or develop commercially viable reserves. Russia's Rosatom, which bid via its Uranium One Group unit, confirmed the news, saying it would invest $600 million in the project, its first large-scale lithium venture overseas, with planned annual capacity of 25,000 tons of lithium carbonate. The deal with Uranium One Group was for feasibility and pre-investment studies, he said, adding multiple tests with Russian technology on the salt flats had shown a lithium recovery rate over 80%, with a purity of around 99.5%. Reporting by Daniel Ramos; Additional reporting by Maxim Rodionov; Writing by Adam Jourdan; Editing by Richard ChangOur Standards: The Thomson Reuters Trust Principles.

Persons: Energy Franklin Molina, Molina, Russia's, Rosatom's, Kirill Komarov, Citic, Daniel Ramos, Maxim Rodionov, Adam Jourdan, Richard Chang Organizations: LA, Guoan, American, Energy, . Geological Survey, Tesla, BMW, Uranium, Thomson Locations: LA PAZ, Bolivia, United States, America, La Paz, Pasto Grande, Uyuni Norte

☆ Farm boom, fires make Bolivia No. 3 in world for forest loss
▼ + stars: | 2023-06-28 | by ( Lucinda Elliott | ) www.reuters.com time to read: +3 min

[1/2] A burnt forest is pictured at the Guarani Nation Ecological Conservation Area Nembi Guasu in the Charagua region, an area where wildfires have destroyed hectares of forest, Charagua, Bolivia, August 23, 2019. REUTERS/David Mercado/FILE PHOTOMONTEVIDEO, June 28 (Reuters) - Forest loss in Bolivia accelerated by about a third last year with clearances in the country trailing only giant neighbor Brazil and the Democratic Republic of Congo, a forest monitoring project report shows, blaming farm expansion and fires. The South American country lost nearly around 3,860 square kilometers (1,490 square miles) of primary forest in 2022, according to Global Forest Watch, an area nearly the size of Rhode Island. Fires, some linked to land clearances, have also played a big part in forest loss in recent years, the Global Forest Watch report said. In a report on Monday Global Forest Watch, backed by the nonprofit World Resources Institute and drawing on forest data collected by the University of Maryland, said the world lost an area of old-growth tropical rainforest the size of Switzerland last year.

Persons: David Mercado, Marlene Quintanilla, Daniel Larrea, Lucinda Elliott, Adam Jourdan, David Gregorio Our Organizations: Ecological Conservation, REUTERS, Democratic, Global Forest Watch, Nature Foundation, Global, Watch, Monday Global Forest Watch, World Resources Institute, University of Maryland, Thomson Locations: Guarani, Charagua, Bolivia, MONTEVIDEO, Brazil, Democratic Republic of Congo, Rhode Island, Santa Cruz, Beni, Bolivian, Switzerland

The drain in hard currency sparked panic earlier in the year, with Bolivians forming lines outside banks to withdraw dollars. Bond yields spiked sharply and in May the government was forced to sell half of its $2.6 billion gold reserves to raise cash. A major drought in Argentina has hammered grains output and reserves, imperiling a $44 billion debt deal with the International Monetary Fund. "The model is now shifting towards a very big state, a tax-and-spend approach," he said. "It has calmed people a bit... but that amount (gained from the gold reserves sale), $1.3 billion, is not enough for Bolivia," said local financial analyst Jaime Dunn.

Persons: Read, LA, Evo Morales, Jose Gabriel Espinoza, Marcelo Montenegro, Alberto Ramos, Goldman Sachs, spender, Jaime Dunn, Reuters Graphics Espinoza, Morales, Raúl Cortés Fernández, Daniel Ramos, Adam Jourdan, Rosalba O'Brien Organizations: Departmental Association of Coca Producers, LA PAZ, Reuters, International Monetary Fund, Bolivian, Graphics, Banco, Reuters Graphics, MAS, Thomson Locations: La Paz, Bolivia, Bolivian, America, Argentina, Peru, Brazil, Chile, Colombia

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