Vale Could Suspend Production in Argentina for Three Waits, Waiting on Tax Breaks

Mining Weekly reported that production at Vale’s potash mine in Argentina is in danger of being suspended for up to three years as the company struggles with rising costs and is lobbying the government for tax breaks.

As quoted in the market report:

Costs at the venture are rising sharply due to annual inflation estimated privately at about 25%, and the sources said the company was asking the national government to waive the value-added tax (VAT) until production starts.

To view the whole Mining Weekly report, click here.

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Potash West NL (ASX:PWN,OTCPINK:PWNNY) dominates mineral tenure in Western Australia, one of the world’s largest glauconite deposits, with 12 exploration licenses and applications covering an area of more than 2,600 km2.

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