Yesterday we had news and view about Pan American Silver’s (PAAS) (PAA.to) Navidad project in Chubut, Argentina. Ross Beaty (you’ve heard of him) met with Argentina’s President Mauricio Macri during the country’s “Forum of Investments And Negotiations” event yesterday in Buenos Aires, amusingly framed by the local press as a “Mini Davos”. Anyway, here’s what they reported in Argentina’s largest circulation national daily newspaper, Clarín (bonus prize; the report has a pretty photo of Beaty and Macri sitting down together and talking important words). Please note that the bold-type words are the way in which Clarín presented the news, there’s no IKN highlighting here:
“During the Forum of Investments And Negotiations, President Mauricio Macri had a marathon of meetings with CEOs participating in the event and heard several announcements regarding long awaited investments.“One of the meetings was with the head of Pan American Silver, Ross Beaty, who announced an investment of U$1,000m for the development of a mega-project in Chubut, the Navidad mine, which will be the largest silver reserve in the world.”
Here’s what Pan American Silver said in its NR:
Current laws in Chubut, however, prohibit open pit mine development. As
such, Pan American has made no investment or construction decision on
the Navidad project.
Spot the difference?
The cruel reality: When it comes to Navidad, Macri makes for a nice photo and soundbite but he’s a complete sideshow, a bit-part player. The real power is Mario Das Neves, who knows that very well. And Beaty does, too. You may want to join the knowledge club.