Minera Aguilar moves forward with exploration
Bnamericas Published: Saturday, February 26, 2005
Argentine miner Minera Aguilar is moving forward with an exploration program in its El Aguilar area in Argentina's Jujuy province, where it has found an uninterrupted lead-zinc vein, company president Martín Dedeu told BNamericas. Dedeu said the vein could allow Aguilar to maintain production for several decades. "We are now in the middle of the exploration process making the necessary holes and drilling to see where the vein ends and finding the possible reserves," he said. Minera Aguilar produces metallic ores in Jujuy and has silver-lead-zinc deposits in El Aguilar in Humahuaca department. Its main mines are Aguilar and La Esperanza. GLENCORE CONTROL Due to a recent change in which Swiss private resources group Glencore AG became Minera Aguilar's major shareholder, investment in the exploration program is subject to an inspection. The holding, called Minera, controls companies such as Bolivia's Caballo Blanco and Comsur as well as Argentina's Minera Aguilar and Sulfacid. Minera has sold 89% of the shares belonging to Bolivia's former President Gonzalo Sánchez de Lozada to Glencore. The remaining 11% will remain the property of the World Bank's international finance corporation (IFC), press reported. "We are still waiting for an update about a new main shareholder and it would be indiscreet to say anything until we know the result of the inspection," Dedeu said. Aguilar has turnover of US$60mn-65mn annually, with nearly US$25mn corresponding to zinc and the remainder to lead and silver. The miner exports part of its production and the rest supplies nearly 75% of the Argentine market. In the last three years, Aguilar has modernized and incorporated technological resources such as a new concentration plant, a pipeline network and a gas plant to replace liquid fuel with an investment of US$12mn.
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