India's Zamin Ferrous Pulls Back from Minera Aratiri Project in Uruguay
Indian iron-ore mining group Zamin Ferrous Resources was to develop the Minera Aratiri project in Uruguay, but has now downgraded the project on its international priority list from first to fourth position. The $1 billion that was slated by the company for the project is now going to be put to better use in other ongoing projects.
There are about 250 million tons of iron ore which have already been established at the project. A final recoverable quantity may be as high as 1 billion tons.
A controversial 130 mile slurry pipeline to transport the ore to a new port on the Atlantic coast is in early development stages and is considered by the president Jose Mujica to be the solution to open up the underdeveloped portion of the country to new business opportunities. However the project has faced considerable opposition from local residents and environmental groups.
As per the opposing factions the large-scale exploitation of the mine is likely to ruin vast tracts of pristine environment on one hand and is not likely to benefit the economy of the region to the extent that is claimed in the feasibility study and reports. The intense debate in the South American country is ultimately what influenced Zamin Ferrous to downgrade the priority of Minera Aratiri.
The general manager for Zamin Ferrous Respources' Uruguay unit Aratiri, Fernando Puntigliano, said that the project was put on the back burner mainly because of the political controversy over its feasibility and delays already affecting a completion schedule. All the noise is impacting this and other investments he added.
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Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.
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