Argentine soybeans flood market just as US harvests bumper crop
Farmers in Argentina rushed to sell stockpiled soybeans this week after the government implemented a temporary devaluation of the peso intending to spur exports. The influx of low-priced supplies to the global market just as the US is preparing for a bumper harvest could pressure global prices. In the four days since the Argentine government’s currency policy went into effect, sales to exporters accounted for a whopping 2.45 million metric tons or 8.5 percent of the total crop, The Buenos Aires Times reports.
Equinox resumes operations at its Los Filos gold mine in Mexico
Equinox Gold (TSX:EQX, NYSE: EQX) announced today that, following an initial meeting with Mezcala community leaders, the blockade at the company’s Los Filos mine in Mexico was removed and the mine resumed operations on September 10th. The company said it will continue to engage with Mezcala and other community leaders to strengthen relationships and foster long-term, stable operations at the Los Filos mine. Earlier on September 8th, Equinox reported that mining activities at its Los Filos gold mine have been temporarily suspended as the result of an illegal blockade by members of the nearby Mezcala community, KITCO reports.
Venezuelan key asset Monómeros still caught in limbo as Colombia’s Petro weighs takeover
The Barranquilla Chamber of Commerce suspended the registration of a new board of directors for Monómeros, named by Venezuela’s state-owned Pequiven, after an appeal from acting General Manager Guillermo Rodríguez Laprea. The move by Rodríguez, who was tapped by the Venezuelan opposition to run the company in January 2021, is the latest chapter in a long-running saga over the management of Venezuela’s second-most important foreign asset. The Colombia-based agrochemical producer came under the control of Venezuela’s hardline opposition in May 2019 following the recognition of Juan Guaidó as “interim president” by Washington and its allies, Venezuelanalysis reports.
Chilean think-tank says Codelco pays more taxes but extracts less copper than private companies
A recent report by Chile’s Center for National Studies of Alternative Development (CENDA) shows that, between June 2021 and June 2022, Codelco was responsible for 30% of the country’s annual copper production and contributed 7.6% of the mining tax revenue while private companies extracted 70% of the copper and contributed 5% of tax revenues. The Center found that overall and in real numbers, what it calls ‘private mining’ paid $3.5 billion in taxes, which is equivalent to 8.9% of the value of the copper extracted in the 12 months under study. Codelco, on the other hand, contributed $5.3 billion, which is equivalent to 33.2% of the value of copper extracted, Mining reports.
