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Minera IRL (MIRL.L) (IRL.to) backs away from Argentina

With thanks due to reader ‘J’ for the heads up, here’s a translation of this report found in today’s print edition of Peru’s newspaper of record El Comercio and repeated on this page:

Minera IRL Changes Its Plans in Argentina
The nationalization of the YPF oil company in Argentina has generated worry amongst the executives of Minera IRL, who have decided to re-evaluate the company’s investment in the Don Nicolás gold project (located in Patagonia).

Company president Diego Benavides said that even though they would continue the project paperwork, the development’s investment and operations would be halted until foreign investment security could be guaranteed, above all in the mining sector.

Minera IRL was looking to invest $40m [at the Don Nicolás project] in order to produce 60,000 ounces of gold per year.

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